To estimate the Moody’s adjusted leverage trend for Bouygues in 2022, we need to analyze the change in the ratio of Adjusted Debt to Adjusted EBITDA (or a similar earnings metric like EBITDA or Operating Profit) between the end of 2021 (start of 2022) and the end of 2022 (start of 2023).

**1. Calculate Adjusted Debt (Net Debt + Adjustments):**
Moody's typically uses Net Debt as a starting point and may add certain items like operating leases (though IFRS 16 usually includes lease liabilities in debt, Moody's often treats them as debt). The provided data gives us "Net Debt" directly.

*   **Net Debt 2021 (2022-01-01):** 941,000,000 EUR
*   **Net Debt 2022 (2023-01-01):** 7,440,000,000 EUR

There is a significant increase in Net Debt of approximately 6.5 billion EUR. This is largely driven by the "Cash Flows Used In Obtaining Control Of Subsidiaries" (6,269,000,000 EUR), indicating a major acquisition (likely Alstom's signaling business or similar, though the text doesn't specify, the cash flow confirms a large M&A activity).

**2. Calculate Earnings Metric (EBITDA or Operating Profit):**
Let's look at the operating performance.
*   **Profit Loss From Operating Activities (Operating Profit) 2021:** 1,733,000,000 EUR
*   **Profit Loss From Operating Activities (Operating Profit) 2022:** 1,872,000,000 EUR

To get a better proxy for EBITDA, we add back Depreciation and Amortization.
*   **Depreciation And Amortisation Expense 2021:** 2,065,000,000 EUR
*   **Depreciation And Amortisation Expense 2022:** 2,228,000,000 EUR

*   **Estimated EBITDA 2021:** 1,733 + 2,065 = 3,798,000,000 EUR
*   **Estimated EBITDA 2022:** 1,872 + 2,228 = 4,100,000,000 EUR

**3. Calculate Leverage Ratio (Net Debt / EBITDA):**

*   **Leverage 2021:** 941 / 3,798 ≈ **0.25x**
*   **Leverage 2022:** 7,440 / 4,100 ≈ **1.81x**

**4. Analyze the Trend:**
The leverage ratio has increased significantly from ~0.25x to ~1.81x. An increase in the leverage ratio indicates that the company has taken on substantially more debt relative to its earnings power. In credit rating terminology, an increase in leverage is considered a negative credit factor, meaning the leverage profile is **deteriorating**.

Although a leverage of 1.8x is still generally considered investment grade and manageable for a company of Bouygues' size, the *trend* is clearly upward (worsening) due to the large acquisition-funded debt increase.

<answer>Deteriorating</answer>