To estimate Moody's adjusted leverage trend for 2022, we compare the adjusted leverage ratio at the beginning of 2022 (end of 2021) to the end of 2022. Moody's adjusted leverage is typically calculated as Adjusted Debt / (EBITDA - Rents). For simplicity and using the available data, we can approximate this using reported debt and operating profit (which serves as a proxy for EBITDA in many construction/concession models where D&A is a large cash cost proxy).

1. **Calculate Net Debt:**
   - End of 2021: Total Financial Debt = Noncurrent Bonds (22,212M) + Other Noncurrent Borrowings (2,757M) + Noncurrent Lease Liabilities (1,574M) + Short-term Borrowings (5,769M) + Current Lease Liabilities (524M) + Current Derivative Financial Liabilities (513M) = 33,349M EUR. Cash = 11,065M EUR. Net Debt = 33,349M - 11,065M = 22,284M EUR.
   - End of 2022: Total Financial Debt = 20,425M + 3,205M + 1,580M + 6,368M + 522M + 440M = 32,540M EUR. Cash = 12,578M EUR. Net Debt = 32,540M - 12,578M = 19,962M EUR.

2. **Calculate Operating Profit (Proxy for EBITDA given VINCI's heavy concession/intangible asset base):**
   - 2021: Profit From Operating Activities = 4,438M EUR.
   - 2022: Profit From Operating Activities = 6,489M EUR.

3. **Calculate Adjusted Leverage Ratio (Net Debt / Operating Profit):**
   - End of 2021: 22,284M / 4,438M ≈ 5.02x
   - End of 2022: 19,962M / 6,489M ≈ 3.08x

The adjusted leverage ratio decreased significantly from approximately 5.0x to 3.1x during 2022, driven by robust EBITDA growth and a reduction in net debt. Therefore, the leverage trend is clearly improving.

<answer>Improving</answer>