Step 1: Identify the relevant industry
Acciona SA is a Spanish conglomerate primarily involved in renewable energy generation, infrastructure, and water services. Based on the provided industry methodologies, its core operations best align with "Unregulated Power And Gas" (due to its significant renewable generation assets and merchant exposure) and "Transportation Infrastructure" (due to its infrastructure concessions). Given the dominance of its energy division in asset base and capital intensity, we will primarily align its financial risk profile assessment with the Unregulated Power And Gas methodology, which applies the standard volatility table and baseline corporate adjustments unless medial criteria are met. The baseline formulas provided for Adjusted EBITDA, FFO, and Adjusted Debt apply.

Step 2: Estimate 2021 Adjusted_EBITDA
Formula: Adjusted_EBITDA = EBITDA + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments
- Reported EBITDA for 2021 = Profit Loss From Operating Activities (829M) + Dotacion Amortizacion YVariacion De Provisiones (714M) = 1,543M EUR.
- Adjustment for leases: Add back 1/3 of lease payments as an EBITDA proxy adjustment (operating to cash flow bridge). 1/3 of 90M = 30M EUR.
- Nonrecurring items: Impairment reversal of 67M EUR is a nonrecurring gain (reduces EBITDA). Other gains of -7M is a loss (increases EBITDA). Net nonrecurring = -67 + 7 = -60M EUR.
- Joint Venture proportional EBITDA: We proportionally consolidate equity method investments. Investment in associates = 1,325M EUR. EBITDA is estimated from proportional share of net income plus D&A. Net share of associates' loss = -81M EUR. Net PPE for JVs ≈ 1,325M * 0.70 = 927.5M, D&A ≈ 927.5 * 0.05 = 46M. Proportional JV EBITDA = -81 + 46 = -35M EUR.
- Other normalization: Share-based payment (13M) is non-cash and added back to EBITDA.
Adjusted_EBITDA 2021 = 1,543 + 30 - (-60) - 60 - 35 + 13 = 1,551M EUR.

Step 3: Estimate 2021 FFO
Formula: FFO = Adjusted_EBITDA - cash_interest - cash_taxes
- Cash interest = Interest paid classified as operating (206M) + Payments of lease liabilities classified as financing (90M) = 296M EUR.
- Cash taxes = Income taxes paid (82M EUR).
FFO 2021 = 1,551 - 296 - 82 = 1,173M EUR.

Step 4: Estimate 2021 Adjusted_Debt
Formula: Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash
- Reported debt = Noncurrent loans (2,073M) + Current loans (280M) + Noncurrent lease liabilities (430M) + Current lease liabilities (68M) = 2,851M EUR.
- Leases (operating right-of-use assets treated as debt-like under S&P methodology if not already on balance sheet, but they are already included above) = 0.
- Pension deficit: Deferred tax assets (920M) offset by deferred tax liabilities (813M) = Net DTA 107M. Other noncurrent liabilities (1,150M) may include pension deficit. Assuming 0 specific pension deficit reported.
- Guarantees: 0.
- Hybrid debt: 0.
- Other debt-like items: Noncurrent financial assets (219M) + Current financial assets (218M) = 437M EUR.
- Eligible cash = Cash and cash equivalents (2,318M) + Short-term investments (202M) = 2,520M EUR.
Adjusted_Debt 2021 = 2,851 + 0 + 437 - 2,520 = 768M EUR.

Step 5: Calculate 2021 Adjusted_Debt / Adjusted_EBITDA
Ratio 2021 = 768 / 1,551 = 0.50x.

Step 6: Calculate 2021 FFO / Adjusted_Debt
Ratio 2021 = 1,173 / 768 = 1.527 (152.7%).

Step 7: Estimate 2022 Adjusted_EBITDA
- Reported EBITDA 2022 = Profit Loss From Operating Activities (1,334M) + Dotacion Amortizacion YVariacion De Provisiones (762M) = 2,096M EUR.
- Adjustment for leases: 1/3 of 120M = 40M EUR.
- Nonrecurring items: Impairment reversal (-15M) + Other gains (13M) = -2M EUR.
- Joint Venture proportional EBITDA: Investment in associates = 1,730M. Share of JV loss = -194M. Net PPE ≈ 1,730 * 0.70 = 1,211M, D&A ≈ 60M. Proportional JV EBITDA = -194 + 60 = -134M EUR.
- Other normalization: Share-based payment (7M).
Adjusted_EBITDA 2022 = 2,096 + 40 - (-2) - 2 - 134 + 7 = 2,009M EUR.

Step 8: Estimate 2022 FFO
- Cash interest = Interest paid (209M) + Lease payments (120M) = 329M EUR.
- Cash taxes = Income taxes paid (215M EUR).
FFO 2022 = 2,009 - 329 - 215 = 1,465M EUR.

Step 9: Estimate 2022 Adjusted_Debt
- Reported debt = Noncurrent loans (2,624M) + Current loans (553M) + Noncurrent lease liabilities (439M) + Current lease liabilities (72M) = 3,688M EUR.
- Other debt-like items: Noncurrent financial assets (263M) + Current financial assets (315M) = 578M EUR.
- Eligible cash = Cash and cash equivalents (2,360M) + Short-term investments (462M) = 2,822M EUR.
Adjusted_Debt 2022 = 3,688 + 0 + 578 - 2,822 = 1,444M EUR.

Step 10: Calculate 2022 Adjusted_Debt / Adjusted_EBITDA
Ratio 2022 = 1,444 / 2,009 = 0.72x.

Step 11: Calculate 2022 FFO / Adjusted_Debt
Ratio 2022 = 1,465 / 1,444 = 1.015 (101.5%).

Step 12: Classify the year-on-year credit trend
- Signal 1 (Leverage): Change in Adjusted_Debt / Adjusted_EBITDA = 0.72x - 0.50x = +0.22x. This is ≥ +0.2x, signaling Deteriorating.
- Signal 2 (Cash-flow coverage): Change in FFO / Adjusted_Debt = 1.015 - 1.527 = -0.512. This is ≤ -0.03, signaling Deteriorating.

Both signals agree, indicating a Deteriorating trend. While the company remains very lowly leveraged in absolute terms, the year-over-year directional movement is negative due to significant debt growth (driven by noncurrent and current loans increasing substantially) outpacing the growth in EBITDA and FFO.

<answer>Deteriorating</answer>