To determine S&P’s adjusted leverage trend for ENGIE in 2022, we need to compute **Net Debt / EBITDA** for 2021 and 2022, then check the year-on-year change.  

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**Step 1 – EBITDA calculation**  
EBITDA is approximated as:  
**Current Operating Income Including Operating Mtm + Depreciation, Amortization and Provisions**  
- 2022: 4,309M + 5,187M = **9,496M**  
- 2021: 6,116M + 4,840M = **10,956M**  

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**Step 2 – Net Debt calculation**  
Net Debt = (Long-term borrowings + Current borrowings) – Cash & cash equivalents  
- 2022: (28,083M + 12,508M) – 15,570M = **25,021M**  
- 2021: (30,458M + 10,590M) – 13,890M = **27,158M**  

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**Step 3 – Leverage ratios**  
- 2022: 25,021 / 9,496 = **2.63x**  
- 2021: 27,158 / 10,956 = **2.48x**  

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**Step 4 – Year-on-year change**  
2.63x – 2.48x = **+0.15x** (increase, but within ±0.3x)  

Since the change is within ±0.3x, the trend is **Stable**.  

<answer>Stable</answer>