**Step‑by‑step estimation**

| Item (€ million) | 2021 | 2022 |
|------------------|------|------|
| **Gross profit** (≈ EBITDA) | 1 256 075 | 1 305 021 |
| + Impairment loss (non‑recurring) | 86 207 | 113 370 |
| + Share of profit from JVs/associates | 7 798 | 17 793 |
| – Gain on disposal of PPE (non‑recurring) | –3 259 | – |
| **Adjusted EBITDA** | **1 346 821** | **1 436 184** |
| – Cash interest paid | –100 752 | –114 121 |
| – Cash taxes paid | –180 117 | –178 506 |
| **FFO** | **1 065 952** | **1 143 557** |
| **Total debt** (Other non‑current + current financial liabilities) | 5 077 201 | 5 341 681 |
| + Pension deficit (provision for employee benefits) | 120 150 | 112 989 |
| – Cash & cash equivalents | –680 820 | –559 908 |
| **Adjusted Debt** | **4 516 531** | **4 894 762** |

**Ratios**

| Ratio | 2021 | 2022 | Change |
|-------|------|------|--------|
| Adjusted Debt / Adjusted EBITDA | 4 516 531 / 1 346 821 ≈ 3.35 x | 4 894 762 / 1 436 184 ≈ 3.41 x | **+0.06 x** (within ±0.20 x → **Stable**) |
| FFO / Adjusted Debt | 1 065 952 / 4 516 531 ≈ 0.236 | 1 143 557 / 4 894 762 ≈ 0.234 | **–0.002** (within ±0.03 → **Stable**) |

Both signals are **Stable**; therefore the credit trend from 2021 to 2022 is **Stable**.

<answer>Stable</answer>