To estimate the S&P credit trend for Électricité de France (EDF) from 2021 to 2022, we follow the prescribed workflow based on the provided annual report data.

### 1. Industry Identification
EDF is an integrated electricity company with significant regulated and unregulated (generation/retail) activities. Under S&P methodologies, it is treated as a Regulated Utility / Integrated Power company.

### 2-6. Financial Metrics for 2021
*   **Operating Profit before D&A:** 18,005,000,000 EUR
*   **Adjusted EBITDA (2021):** We use the operating profit before D&A (18,005M) adjusted for non-recurring/other items (we exclude "Other Operating Income/Expenses" and "Net Changes in Fair Value" from EBITDA as is standard for core operational performance, but the reported figure is the primary proxy). 
    *   **Adjusted EBITDA (2021) ≈ 18,005M EUR**
*   **FFO (2021):** Adjusted EBITDA - Cash Interest - Cash Taxes
    *   Cash Interest = 1,459M EUR
    *   Cash Taxes = 2,276M EUR (from Income Taxes Paid)
    *   FFO (2021) = 18,005 - 1,459 - 2,276 = **14,270M EUR**
*   **Adjusted Debt (2021):** Reported financial liabilities (Current + Noncurrent) - Cash.
    *   Debt (Current) = 45,014 (Financial) + 6,836 (Provisions) = 51,850M
    *   Debt (Noncurrent) = 56,543 (Financial) + 89,225 (Provisions) = 145,768M
    *   Total Debt ≈ 197,618M. Subtracting Cash (9,919M) = **187,699M EUR**
*   **Debt/EBITDA (2021):** 187,699 / 18,005 ≈ **10.42x**
*   **FFO/Debt (2021):** 14,270 / 187,699 ≈ **0.076**

### 7-11. Financial Metrics for 2022
*   **Operating Profit before D&A (2022):** -4,986,000,000 EUR
*   **Adjusted EBITDA (2022) ≈ -4,986M EUR**
*   **FFO (2022):** EBITDA - Cash Interest - Cash Taxes
    *   Cash Interest = 1,730M EUR
    *   Cash Taxes = 1,282M EUR
    *   FFO (2022) = -4,986 - 1,730 - 1,282 = **-7,998M EUR**
*   **Adjusted Debt (2022):** 
    *   Debt (Current) = 71,844 (Financial) + 7,943 (Provisions) = 79,787M
    *   Debt (Noncurrent) = 71,058 (Financial) + 76,923 (Provisions) = 147,981M
    *   Total Debt ≈ 227,768M. Subtracting Cash (10,948M) = **216,820M EUR**
*   **Debt/EBITDA (2022):** Ratio is negative (or technically undefined due to negative EBITDA, indicating severe deterioration).
*   **FFO/Debt (2022):** -7,998 / 216,820 ≈ **-0.037**

### 12. Classification of Credit Trend
*   **Signal 1 (Leverage):** The shift from 10.42x to a negative value represents a massive increase in leverage pressure and a loss of EBITDA coverage. This is significantly > +0.2x. (Deteriorating)
*   **Signal 2 (Coverage):** Shift from 0.076 to -0.037. The change is -0.113, which is significantly ≤ -0.03. (Deteriorating)

Both signals agree on a severe decline in financial performance.

<answer>Deteriorating</answer>