To determine S&P's credit trend for IBERDROLA SA from 2021 to 2022, we compute the Adjusted EBITDA, Funds From Operations (FFO), and Adjusted Debt for both years using S&P's general corporate methodology and standard utility adjustments. 

**Step 1: Industry Identification**
Iberdrola operates in the Regulated Utilities / Unregulated Power and Gas sectors. We will apply the standard corporate adjustments for these sectors (e.g., capitalizing operating leases, including pension deficits, and adding hybrid instruments).

**Step 2 & 7: Adjusted EBITDA**
We start with the reported EBITDA ("Beneficio Bruto De Explotacion Ebitda").
*   **2021 Adjusted EBITDA:** €12,006 million
*   **2022 Adjusted EBITDA:** €13,228 million

**Step 3 & 8: Funds From Operations (FFO)**
FFO is calculated as Adjusted EBITDA minus Cash Interest and Cash Taxes. We construct the total cash interest paid by combining interest grouped in financing activities and capitalized interest from investing activities.
*   **2021 Cash Interest Paid:** €741m (debt) + €49m (leases) + €94m (subordinated hybrids) + €145m (investing/capitalized) = €1,029 million
*   **2021 Cash Taxes Paid:** €832 million
*   **2021 FFO:** €12,006m - €1,029m - €832m = €10,145 million
*   **2022 Cash Interest Paid:** €1,495m (debt) + €61m (leases) + €169m (subordinated hybrids) + €189m (investing/capitalized) = €1,914 million
*   **2022 Cash Taxes Paid:** €1,055 million
*   **2022 FFO:** €13,228m - €1,914m - €1,055m = €10,259 million

**Step 4 & 9: Adjusted Debt**
We calculate Adjusted Debt by taking gross financial debt (excluding trade payables and derivatives), adding lease liabilities, pension deficits, and explicit hybrid liability instruments, then subtracting eligible cash and cash equivalents.
*   **2021 Gross Debt & Debt-like Items:** 
    *   LT & ST Debt = €31,179m + €9,984m = €41,163m
    *   Leases = €2,253m + €158m = €2,411m
    *   Pension Deficit = €1,592m + €27m = €1,619m
    *   Financial liability instruments & other fin. liabilities = €525m + €100m + €1,545m + €2,980m = €5,150m
    *   Total Gross Adjusted Debt = €50,343 million
    *   *Less Cash & Equivalents:* €4,033 million
    *   **2021 Adjusted Debt:** €46,310 million

*   **2022 Gross Debt & Debt-like Items:** 
    *   LT & ST Debt = €36,129m + €10,458m = €46,587m
    *   Leases = €2,287m + €151m = €2,438m
    *   Pension Deficit = €1,226m + €42m = €1,268m
    *   Financial liability instruments & other fin. liabilities = €576m + €87m + €1,534m + €5,058m = €7,255m
    *   Total Gross Adjusted Debt = €57,548 million
    *   *Less Cash & Equivalents:* €4,608 million
    *   **2022 Adjusted Debt:** €52,940 million

**Step 5 & 10: Leverage Ratio (Adjusted Debt / Adjusted EBITDA)**
*   **2021 Leverage:** €46,310m / €12,006m = **3.86x**
*   **2022 Leverage:** €52,940m / €13,228m = **4.00x**

**Step 6 & 11: Cash-Flow Coverage Ratio (FFO / Adjusted Debt)**
*   **2021 Coverage:** €10,145m / €46,310m = **0.219 (21.9%)**
*   **2022 Coverage:** €10,259m / €52,940m = **0.194 (19.4%)**

**Step 12: Credit Trend Classification**
*   **Signal 1 (Leverage):** 4.00x - 3.86x = **+0.14x**. Since the change is between -0.2x and +0.2x, this indicates a **Stable** trend.
*   **Signal 2 (Coverage):** 0.194 - 0.219 = **-0.025** (i.e., -2.5 percentage points). Since the change is between -0.03 and +0.03, this also indicates a **Stable** trend.

Both signals point securely towards a stable credit profile year-over-year.

<answer>Stable</answer>