## 1. Relevant industry

Acciona S.A. is a diversified infrastructure and renewable energy group. Based on the methodologies provided, its closest fit is **Unregulated Power And Gas**, given its large renewable generation activities, although Acciona also has infrastructure and construction activities.

Because the provided data is consolidated and segment detail is not available, I apply the **general corporate baseline formulas**, informed by the unregulated power and gas framework. No special industry-specific adjustments such as proportional consolidation of JVs, PPA adjustments, or protected-revenue volatility-table changes can be reliably quantified from the facts provided.

---

## 2. Estimate 2021 Adjusted EBITDA

Reported/reconstructed EBITDA can be estimated as:

\[
EBITDA = Operating\ Profit + Depreciation/Amortization/Provisions
\]

For 2021:

- Profit from operating activities = €829m
- Depreciation/amortization/provisions = €714m

\[
2021\ EBITDA = 829 + 714 = €1{,}543m
\]

Lease adjustment: lease liabilities are included in adjusted debt below, but no separate lease interest/depreciation split is provided. Since IFRS EBITDA already excludes depreciation of right-of-use assets, no additional lease EBITDA adjustment is made.

No reliable nonrecurring loss/gain, pension, JV proportional EBITDA, or other normalization adjustment is available.

\[
\boxed{2021\ Adjusted\ EBITDA = €1{,}543m}
\]

---

## 3. Estimate 2021 FFO

Baseline formula:

\[
FFO = Adjusted\ EBITDA - cash\ interest - cash\ taxes
\]

For 2021:

- Adjusted EBITDA = €1,543m
- Interest paid = €206m
- Income taxes paid = €82m

\[
2021\ FFO = 1{,}543 - 206 - 82 = €1{,}255m
\]

\[
\boxed{2021\ FFO = €1{,}255m}
\]

---

## 4. Estimate 2021 Adjusted Debt

Reported debt is estimated from current and noncurrent financial debt instruments and loans. Lease liabilities are included as debt-like obligations.

At 2022-01-01, representing fiscal year-end 2021:

Debt components:

- Noncurrent bonds/other negotiable securities = €2,364m
- Noncurrent loans = €2,073m
- Current bonds/other negotiable securities = €1,666m
- Current loans/current portion of noncurrent loans = €280m
- Noncurrent lease liabilities = €430m
- Current lease liabilities = €68m

\[
Reported\ debt\ incl.\ leases = 2{,}364 + 2{,}073 + 1{,}666 + 280 + 430 + 68
\]

\[
= €6{,}881m
\]

Eligible cash:

- Cash and cash equivalents = €2,318m

\[
2021\ Adjusted\ Debt = 6{,}881 - 2{,}318 = €4{,}563m
\]

No pension deficit, guarantees, hybrids, or other debt-like items are available from the provided data.

\[
\boxed{2021\ Adjusted\ Debt = €4{,}563m}
\]

---

## 5. Calculate 2021 Adjusted Debt / Adjusted EBITDA

\[
Debt/EBITDA = \frac{4{,}563}{1{,}543} = 2.96x
\]

\[
\boxed{2021\ Adjusted\ Debt / Adjusted\ EBITDA = 2.96x}
\]

---

## 6. Calculate 2021 FFO / Adjusted Debt

\[
FFO/Debt = \frac{1{,}255}{4{,}563} = 0.275
\]

\[
\boxed{2021\ FFO / Adjusted\ Debt = 27.5\%}
\]

---

## 7. Estimate 2022 Adjusted EBITDA

For 2022:

- Profit from operating activities = €1,334m
- Depreciation/amortization/provisions = €762m

\[
2022\ EBITDA = 1{,}334 + 762 = €2{,}096m
\]

No reliable additional S&P adjustments can be quantified from the provided information.

\[
\boxed{2022\ Adjusted\ EBITDA = €2{,}096m}
\]

---

## 8. Estimate 2022 FFO

For 2022:

- Adjusted EBITDA = €2,096m
- Interest paid = €209m
- Income taxes paid = €215m

\[
2022\ FFO = 2{,}096 - 209 - 215 = €1{,}672m
\]

\[
\boxed{2022\ FFO = €1{,}672m}
\]

---

## 9. Estimate 2022 Adjusted Debt

At 2023-01-01, representing fiscal year-end 2022:

Debt components:

- Noncurrent bonds/other negotiable securities = €3,101m
- Noncurrent loans = €2,624m
- Current bonds/other negotiable securities = €1,139m
- Current loans/current portion of noncurrent loans = €553m
- Noncurrent lease liabilities = €439m
- Current lease liabilities = €72m

\[
Reported\ debt\ incl.\ leases = 3{,}101 + 2{,}624 + 1{,}139 + 553 + 439 + 72
\]

\[
= €7{,}928m
\]

Eligible cash:

- Cash and cash equivalents = €2,360m

\[
2022\ Adjusted\ Debt = 7{,}928 - 2{,}360 = €5{,}568m
\]

\[
\boxed{2022\ Adjusted\ Debt = €5{,}568m}
\]

---

## 10. Calculate 2022 Adjusted Debt / Adjusted EBITDA

\[
Debt/EBITDA = \frac{5{,}568}{2{,}096} = 2.66x
\]

\[
\boxed{2022\ Adjusted\ Debt / Adjusted\ EBITDA = 2.66x}
\]

---

## 11. Calculate 2022 FFO / Adjusted Debt

\[
FFO/Debt = \frac{1{,}672}{5{,}568} = 0.300
\]

\[
\boxed{2022\ FFO / Adjusted\ Debt = 30.0\%}
\]

---

## 12. Credit trend classification

### Signal 1: Leverage

\[
Change = 2022\ Debt/EBITDA - 2021\ Debt/EBITDA
\]

\[
= 2.66x - 2.96x = -0.30x
\]

Threshold:

- ≤ -0.2x = Improving

\[
\boxed{Leverage\ signal = Improving}
\]

### Signal 2: Cash-flow coverage

\[
Change = 2022\ FFO/Debt - 2021\ FFO/Debt
\]

\[
= 0.300 - 0.275 = +0.025
\]

Threshold:

- Between -0.03 and +0.03 exclusive = Stable

\[
\boxed{Cash-flow\ coverage\ signal = Stable}
\]

### Combined conclusion

One signal is **Improving** and the other is **Stable**, so the non-Stable category applies.

Although adjusted debt increased materially from about €4.6bn to €5.6bn, EBITDA and FFO improved strongly enough to reduce leverage by about 0.30x. FFO/debt also improved, though not enough to cross the +3 percentage point threshold. Therefore, the overall credit trend is assessed as **Improving**.

<answer>Improving</answer>