To estimate the trend of Moody’s adjusted leverage for VINCI in 2022, we need to calculate the leverage ratio for 2021 and 2022. Moody’s adjusted leverage is typically defined as **Adjusted Debt / Adjusted EBITDA** (or sometimes Adjusted Funds From Operations, but EBITDA is the standard denominator for corporate leverage ratios in this context unless specified otherwise as FFO-based for specific sectors like utilities/concessions; however, VINCI is a conglomerate with significant construction activities, so Debt/EBITDA is the primary metric).

**Step 1: Calculate Adjusted Debt**
Moody's adjusted debt usually includes reported debt plus adjustments for items like operating leases, pension deficits, and hybrid instruments.
*   **Reported Debt Components:**
    *   Noncurrent Bonds: 22,212 (2021) -> 20,425 (2022)
    *   Noncurrent Other Borrowings: 2,757 (2021) -> 3,205 (2022)
    *   Short-term Borrowings: 5,769 (2021) -> 6,368 (2022)
    *   Lease Liabilities (Current + Noncurrent): (524+1,574)=2,098 (2021) -> (522+1,580)=2,102 (2022)
    *   *Note: Derivatives are generally excluded from debt principal unless they are embedded debt-like features, but often netted or treated separately. We will stick to interest-bearing borrowings and leases.*

    *   **Total Reported Interest-Bearing Debt + Leases:**
        *   2021: 22,212 + 2,757 + 5,769 + 2,098 = 32,836 million EUR
        *   2022: 20,425 + 3,205 + 6,368 + 2,102 = 32,100 million EUR

    *   **Adjustments:**
        *   Moody's often adds the present value of operating leases (already included in IFRS 16 lease liabilities above).
        *   Pension deficits: The balance sheet shows "Noncurrent Provisions For Employee Benefits". A portion of this is pension-related. Let's assume a standard adjustment or look at the change. The provision decreased from 1,459 to 1,149. This reduction improves the net debt position if treated as a debt-like item.
        *   Hybrid Equity: VINCI has issued hybrid bonds. These are often treated as 50% debt and 50% equity by rating agencies. The data doesn't explicitly break out hybrids in the liability lines provided, but they are often in "Noncurrent Bonds" or "Other Noncurrent Liabilities". Without explicit hybrid data, we look at the trend of the core debt.
        *   Cash Netting: Leverage is often calculated on a *net* debt basis for industrial companies, or gross debt for others. Moody's typically uses **Gross Debt** for leverage ratios in many corporate methodologies, but sometimes Net Debt. Let's look at both or the dominant trend.
        *   Let's check Cash: 11,065 (2021) -> 12,578 (2022).
        *   Net Debt 2021: 32,836 - 11,065 = 21,771 million EUR.
        *   Net Debt 2022: 32,100 - 12,578 = 19,522 million EUR.
        *   In both Gross and Net terms, the absolute debt burden has decreased or stayed stable while earnings increased significantly.

**Step 2: Calculate Adjusted EBITDA**
EBITDA = Profit from Operating Activities + Depreciation & Amortization + Other Adjustments.
*   **Profit from Operating Activities (Recurring is often preferred for "Adjusted"):**
    *   The data provides "Profit Loss From Operating Activities Recurring": 4,464 (2021) and 6,481 (2022).
    *   It also provides "Profit Loss From Operating Activities": 4,438 (2021) and 6,489 (2022).
    *   Let's use the Recurring Operating Profit as a base for "Adjusted" performance, adding back D&A.
*   **Depreciation and Amortization:**
    *   "Adjustments For Depreciation And Amortisation Expense": 3,219 (2021) and 3,613 (2022).
*   **EBITDA Calculation:**
    *   2021 EBITDA ≈ 4,464 + 3,219 = 7,683 million EUR.
    *   2022 EBITDA ≈ 6,481 + 3,613 = 10,094 million EUR.
    *   *Note: Moody's might add back other items like share-based payments (356 in 2022 vs 288 in 2021) or restructuring costs. The "Other Operating Income Expense Non Recurring" was -26 (2021) and 8 (2022). Adding these back to Recurring Operating Profit gets us close to Reported Operating Profit. The trend is strongly positive.*

**Step 3: Calculate Leverage Ratio (Debt / EBITDA)**
*   **2021 Leverage:**
    *   Using Net Debt: 21,771 / 7,683 ≈ **2.83x**
    *   Using Gross Debt: 32,836 / 7,683 ≈ **4.27x**
*   **2022 Leverage:**
    *   Using Net Debt: 19,522 / 10,094 ≈ **1.93x**
    *   Using Gross Debt: 32,100 / 10,094 ≈ **3.18x**

**Analysis of Trend:**
*   The numerator (Debt) decreased slightly (Gross) or significantly (Net).
*   The denominator (EBITDA) increased significantly (from ~7.7bn to ~10.1bn, a ~31% increase).
*   Consequently, the leverage ratio has decreased substantially (from ~4.3x to ~3.2x Gross, or ~2.8x to ~1.9x Net).

A decrease in the leverage ratio indicates an **Improving** credit profile regarding leverage.

<answer>Improving</answer>