I need to estimate Moody's adjusted leverage trend for 2022. Moody's adjusted leverage is typically measured as Adjusted Debt / Adjusted EBITDA.

Let me work through the key metrics for both years.

**EBITDA (Gross Profit in this context appears to be EBITDA/Margine Operativo Lordo):**
- 2022: €1,305,021,000
- 2021: €1,256,075,000

This "Gross Profit" line item appears to be EBITDA given the Italian label "Margine Operativo Lordo" (which literally means Gross Operating Margin = EBITDA).

**Debt approximation:**

For Moody's adjusted leverage, I need to look at total debt. From the balance sheet:

Non-current financial liabilities:
- End 2022 (2023-01-01): €4,722,263,000
- End 2021 (2022-01-01): €4,791,979,000

Current financial liabilities:
- End 2022 (2023-01-01): €619,418,000
- End 2021 (2022-01-01): €285,222,000

Total financial debt:
- End 2022: €4,722,263,000 + €619,418,000 = €5,341,681,000
- End 2021: €4,791,979,000 + €285,222,000 = €5,077,201,000

Moody's also typically adds operating leases (right-of-use assets as a proxy), pension obligations, etc.

Right-of-use assets:
- End 2022: €90,397,000
- End 2021: €53,096,000

Pension/employee benefit provisions:
- End 2022: €112,989,000
- End 2021: €120,150,000

Adjusted Debt (approximate):
- End 2022: ~€5,341,681 + €90,397 + €112,989 = ~€5,545,067,000
- End 2021: ~€5,077,201 + €53,096 + €120,150 = ~€5,250,447,000

**Leverage ratio:**
- 2022: €5,545,067,000 / €1,305,021,000 ≈ 4.25x
- 2021: €5,250,447,000 / €1,256,075,000 ≈ 4.18x

The leverage has increased slightly from approximately 4.18x to 4.25x. While EBITDA improved modestly (about 3.9% increase), total adjusted debt increased more significantly (about 5.6% increase), driven primarily by the increase in current financial liabilities and lease obligations.

The increase in leverage from ~4.18x to ~4.25x represents a modest deterioration. Additionally:
- Net profit declined from €352,340,000 to €311,160,000
- Operating profit declined from €581,101,000 to €565,851,000
- Cash flows from operations declined from €759,521,000 to €726,703,000
- Total debt increased notably

These factors collectively suggest the leverage trend is deteriorating, though modestly.

<answer>Deteriorating</answer>