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 components:

**EBITDA:**
- 2022 (period 2022-01-01 to 2023-01-01): 1,505 million EUR
- 2021 (period 2021-01-01 to 2022-01-01): 1,428 million EUR
- EBITDA improved by about 5.4%

**Debt estimation:**
Moody's adjusted debt typically includes financial liabilities (both current and non-current) plus adjustments for leases, pensions, etc.

Non-current financial liabilities:
- End 2022 (2023-01-01): 5,867 million EUR
- End 2021 (2022-01-01): 4,322 million EUR

Current financial liabilities:
- End 2022 (2023-01-01): 1,022 million EUR
- End 2021 (2022-01-01): 746 million EUR

Total financial liabilities:
- End 2022: 6,889 million EUR
- End 2021: 5,068 million EUR

Less cash:
- End 2022: 2,584 million EUR
- End 2021: 964 million EUR

Net debt (gross debt - cash):
- End 2022: 6,889 - 2,584 = 4,305 million EUR
- End 2021: 5,068 - 964 = 4,104 million EUR

Moody's typically adds pension obligations and operating lease adjustments:

Pension liabilities:
- End 2022: 248 million EUR
- End 2021: 294 million EUR

Moody's adjusted debt (approximate):
- End 2022: 6,889 + 248 = 7,137 million (or net: 4,305 + 248 = 4,553 million)
- End 2021: 5,068 + 294 = 5,362 million (or net: 4,104 + 294 = 4,398 million)

**Leverage calculation (Gross Debt + Pensions / EBITDA):**
- End 2022: 7,137 / 1,505 = 4.74x
- End 2021: 5,362 / 1,428 = 3.75x

**Or using net debt approach:**
- End 2022: 4,553 / 1,505 = 3.02x
- End 2021: 4,398 / 1,428 = 3.08x

With gross Moody's adjusted debt/EBITDA, leverage increased significantly from ~3.75x to ~4.74x. Even though EBITDA improved slightly, the massive increase in financial liabilities (from 5,068 to 6,889 million) far outweighed the EBITDA improvement.

The gross debt increased by ~36% while EBITDA only grew ~5.4%. This represents a clear deterioration in leverage.

Even looking at net debt, while it appears roughly stable, Moody's typically focuses more on gross debt metrics. The substantial increase in borrowings (proceeds from borrowings of 4,339 million vs repayments of 2,779 million) indicates significant debt accumulation.

The leverage trend is deteriorating.

<answer>Deteriorating</answer>