To estimate Moody's adjusted leverage trend for VINCI in 2022, we evaluate the ratio of Adjusted Debt to Adjusted EBITDA for both 2021 and 2022.

**1. Adjusted EBITDA Calculation:**
EBITDA is typically estimated as Operating Profit (EBIT) plus Depreciation and Amortization. 
- **2021:**
  - Profit (Loss) From Operating Activities: €4,438 million
  - Adjustments For Depreciation And Amortisation Expense: €3,219 million
  - *Estimated EBITDA 2021:* €4,438M + €3,219M = €7,657 million

- **2022:**
  - Profit (Loss) From Operating Activities: €6,489 million
  - Adjustments For Depreciation And Amortisation Expense: €3,613 million
  - *Estimated EBITDA 2022:* €6,489M + €3,613M = €10,102 million

**2. Adjusted Debt Calculation:**
Gross Debt typically includes short-term borrowings, long-term bonds, other non-current borrowings, and both short- and long-term lease liabilities. 
- **2021:**
  - Short-term Borrowings: €5,769 million
  - Non-current Bonds Issued: €22,212 million
  - Other Non-current Borrowings: €2,757 million
  - Lease Liabilities (Current & Non-current): €524 million + €1,574 million = €2,098 million
  - *Estimated Gross Debt 2021:* €5,769M + €22,212M + €2,757M + €2,098M = €32,836 million

- **2022:**
  - Short-term Borrowings: €6,368 million
  - Non-current Bonds Issued: €20,425 million
  - Other Non-current Borrowings: €3,205 million
  - Lease Liabilities (Current & Non-current): €522 million + €1,580 million = €2,102 million
  - *Estimated Gross Debt 2022:* €6,368M + €20,425M + €3,205M + €2,102M = €32,100 million

**3. Leverage Ratio (Debt / EBITDA):**
- **2021:** €32,836M / €7,657M ≈ 4.29x
- **2022:** €32,100M / €10,102M ≈ 3.18x

With total adjusted debt decreasing and EBITDA increasing substantially, the debt-to-EBITDA multiple fell significantly. A declining leverage ratio means the company's ability to cover its debt with its earnings has strengthened.

<answer>Improving</answer>