I need to estimate Moody's adjusted leverage trend for ENI S.P.A. in 2022. Moody's adjusted leverage is typically measured as Debt/EBITDA. Let me analyze the key components.

**Estimating Debt:**

Total borrowings (short-term + current portion of long-term + long-term):
- End of 2022 (2023-01-01): 4,446 + 3,097 + 19,374 = 26,917M EUR
- End of 2021 (2022-01-01): 2,299 + 1,781 + 23,714 = 27,794M EUR

Including lease liabilities (Moody's typically adds these):
- End of 2022: 26,917 + 884 + 4,067 = 31,868M EUR
- End of 2021: 27,794 + 948 + 4,389 = 33,131M EUR

Net of cash:
- End of 2022: 31,868 - 10,155 = 21,713M EUR
- End of 2021: 33,131 - 8,254 = 24,877M EUR

Debt decreased from ~33.1B to ~31.9B (gross), and net debt decreased from ~24.9B to ~21.7B.

**Estimating EBITDA:**

Operating profit + D&A + Impairments + Write-offs:
- 2022 (period ending 2023-01-01): 17,510 + 7,205 + 1,140 + 599 = 26,454M EUR
- 2021 (period ending 2022-01-01): 12,341 + 7,063 + 167 + 387 = 19,958M EUR
- 2020 (period ending 2021-01-01): -3,275 + 7,304 + 3,183 + 329 = 7,541M EUR

**Leverage ratios (Gross Debt/EBITDA):**
- 2022: 31,868 / 26,454 ≈ 1.2x
- 2021: 33,131 / 19,958 ≈ 1.7x
- 2020: ~33,000 / 7,541 ≈ 4.4x (approximate)

**Net Debt/EBITDA:**
- 2022: 21,713 / 26,454 ≈ 0.8x
- 2021: 24,877 / 19,958 ≈ 1.2x

The leverage ratio improved significantly from 2021 to 2022. Debt declined while EBITDA increased substantially (from ~20B to ~26.5B). Revenue nearly doubled, operating profit increased from 12.3B to 17.5B, and cash flow from operations increased from 12.9B to 17.5B.

Both gross and net leverage improved materially. The trend is clearly improving.

<answer>Improving</answer>