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 analyze the key components.

**EBITDA Analysis:**
- "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" is essentially EBITDA:
  - 2022: €4,523,539M
  - 2021: €3,723,050M
  - This represents a ~21.5% increase in EBITDA

**Debt Analysis:**
- Long-term borrowings: €15,782,604M (2022 end) vs €15,299,588M (2021 end) - increase of ~€483M
- Current borrowings: €4,239,869M (2022 end) vs €1,518,348M (2021 end) - significant increase of ~€2,722M
- Total reported debt: ~€20,022M (2022 end) vs ~€16,818M (2021 end) - increase of ~€3,204M or ~19%

**Moody's Adjustments would typically include:**
- Operating leases (Right-of-use assets): €1,320M (2022) vs €1,007M (2021) - increasing
- Pension obligations: €644M + €127M = €771M (2022) vs €940M + €180M = €1,120M (2021) - decreasing
- Other non-current financial liabilities: €5,159M (2022) vs €3,040M (2021) - significant increase
- Institutional partnerships in North America: €2,212M (2022) vs €2,260M (2021) - slight decrease

**Approximate Adjusted Debt:**
- 2022 end: ~€20,022M (gross debt) + ~€1,320M (leases) + ~€771M (pensions) ≈ €22,113M
- 2021 end: ~€16,818M + ~€1,007M + ~€1,120M ≈ €18,945M

**Adjusted Leverage:**
- 2022: ~€22,113M / €4,524M ≈ 4.9x
- 2021: ~€18,945M / €3,723M ≈ 5.1x

This suggests a slight improvement. However, if we also consider the institutional partnerships as debt-like (which Moody's might):
- 2022: ~€24,325M / €4,524M ≈ 5.4x
- 2021: ~€21,205M / €3,723M ≈ 5.7x

Still showing slight improvement.

But looking at the raw gross debt increase (19%) vs EBITDA increase (21.5%), EBITDA grew slightly faster than debt. Also, cash increased significantly (€4,900M vs €3,222M), so net debt increase is more modest.

**Net debt perspective:**
- 2022: €20,022M - €4,900M = €15,122M
- 2021: €16,818M - €3,222M = €13,596M
- Net leverage 2022: €15,122M / €4,524M ≈ 3.3x
- Net leverage 2021: €13,596M / €3,723M ≈ 3.7x

This shows improvement on a net basis.

However, the significant increase in current borrowings and other financial liabilities could be concerning. The overall picture is mixed but EBITDA growth outpacing debt growth slightly, combined with improved cash generation (operating cash flows increased from €2,020M to €3,778M), suggests leverage is modestly improving or stable.

Given the strong EBITDA growth and improved operating cash flows, but offset by rising gross debt levels, the trend appears to be improving.

<answer>Improving</answer>