To estimate S&P's credit trend from 2021 to 2022 for ØRSTED A/S, we apply the standard S&P methodology for corporate entities, considering the Unregulated Power and Gas industry metrics. 

**Step 1: Identify the relevant industry**
ØRSTED A/S fits within the "Unregulated Power and Gas" and "Regulated Utilities" sectors, given its vast global electricity generation base (predominantly renewables). We will follow the standard corporate financial risk baseline formulas supplemented with standard adjustments (e.g., hybrid capital and asset retirement provisions). 

**Step 2: Estimate the 2021 Adjusted EBITDA**
Reported EBITDA ("Profit Loss From Operating Activities Before Interest Taxes Depreciation...") is 24,296m DKK. 
S&P generally adjusts out non-recurring gains/losses. Ørsted reported substantial "Losses/Gains on disposal of noncurrent assets" of -7,920m DKK (representing a net gain in the cash flow reconciliation). Assuming a conservative standard adjustment:
*Adjusted EBITDA 2021* = 24,296m - 7,920m = 16,376m DKK.
*(Note: even if these farm-down gains are treated as recurring operating activities per specific S&P commentary on Ørsted, the overall trend direction remains the same).*

**Step 3: Estimate the 2021 FFO**
*Net Cash Interest* = Interest paid (3,985m) - Interest received (3,518m) + 50% of hybrid coupon (50% of 430m = 215m) = 682m DKK.
*Cash Taxes* = Income taxes paid = 1,380m DKK.
*FFO 2021* = 16,376m (EBITDA) - 682m - 1,380m = 14,314m DKK.

**Step 4: Estimate the 2021 Adjusted Debt**
*Reported Debt* = Long-term borrowings (31,502m) + Short-term borrowings (19,493m) + Noncurrent leases (6,812m) + Current leases (720m) = 58,527m DKK.
*Hybrid Capital Debt Portion* = 50% of 17,984m = 8,992m DKK.
*Provisions (Asset Retirement Obligations)* = Noncurrent (15,124m) + Current (764m) = 15,888m DKK.
*Less Cash* = 8,614m DKK.
*Adjusted Debt 2021* = 58,527m + 8,992m + 15,888m - 8,614m = 74,793m DKK.

**Step 5: 2021 Adjusted Debt / Adjusted EBITDA**
*Leverage 2021* = 74,793m / 16,376m = 4.57x.

**Step 6: 2021 FFO / Adjusted Debt**
*Cash Flow Coverage 2021* = 14,314m / 74,793m = 0.1913 (19.1%).

**Step 7: Estimate the 2022 Adjusted EBITDA**
Reported EBITDA is 32,057m DKK. Gains on disposal of noncurrent assets were 10,885m DKK.
*Adjusted EBITDA 2022* = 32,057m - 10,885m = 21,172m DKK.

**Step 8: Estimate the 2022 FFO**
*Net Cash Interest* = Interest paid (8,548m) - Interest received (7,985m) + 50% of hybrid coupon (50% of 529m = 264m) = 827m DKK.
*Cash Taxes* = 1,263m DKK.
*FFO 2022* = 21,172m - 827m - 1,263m = 19,082m DKK.

**Step 9: Estimate the 2022 Adjusted Debt**
*Reported Debt* = Long-term (60,451m) + Short-term (2,830m) + Noncurrent leases (7,697m) + Current leases (569m) = 71,547m DKK.
*Hybrid Capital Debt Portion* = 50% of 19,793m = 9,896m DKK.
*Provisions (AROs)* = Noncurrent (19,121m) + Current (585m) = 19,706m DKK.
*Less Cash* = 16,175m DKK.
*Adjusted Debt 2022* = 71,547m + 9,896m + 19,706m - 16,175m = 84,974m DKK.

**Step 10: 2022 Adjusted Debt / Adjusted EBITDA**
*Leverage 2022* = 84,974m / 21,172m = 4.01x.

**Step 11: 2022 FFO / Adjusted Debt**
*Cash Flow Coverage 2022* = 19,082m / 84,974m = 0.2246 (22.5%).

**Step 12: Trend Classification**
- **Signal 1 (Leverage):** 4.01x (2022) - 4.57x (2021) = -0.56x. A decrease of more than 0.2x indicates "Improving".
- **Signal 2 (Cash-flow coverage):** 0.225 (2022) - 0.191 (2021) = +0.034 (or +3.4 percentage points). An increase of 0.03 or more indicates "Improving".

Both signals firmly align in showing an improvement in credit metrics owing to robust EBITDA and cash flow expansion driven by favorable energy dynamics in 2022.

<answer>Improving</answer>