To estimate the S&P credit trend for VINCI, we follow the prescribed workflow based on the 2022 annual report data.

### Step 1: Identify Industry
VINCI is a global leader in concessions (motorways, airports) and energy/construction. This fits the **Transportation Infrastructure** methodology.

### Steps 2-6: 2021 Calculations (EUR millions)
*   **Adjusted EBITDA (2021):**
    Profit from ordinary operating activities: 4,723
    + Depreciation/Amortization: 3,219
    + Share-based payments: 288
    - Other recurring income/expense: 17
    + Other adjustments (associates/JV share): 12
    = 8,209
*   **FFO (2021):**
    8,209 (Adj EBITDA) - 658 (Net Finance Costs) - 1,625 (Income Tax) = 5,926
*   **Adjusted Debt (2021):**
    Noncurrent Bonds (22,212) + Other Noncurrent Borrowings (2,757) + Current Borrowings (5,769) + Lease Liab (1,574 + 524) + Provisions (1,137 + 1,459 + 6,123) - Cash/Equivalents (11,065) - Cash Mgt Financial Assets (200) = 28,286
*   **Ratios (2021):**
    Debt/EBITDA = 28,286 / 8,209 = 3.445x
    FFO/Debt = 5,926 / 28,286 = 0.209

### Steps 7-11: 2022 Calculations (EUR millions)
*   **Adjusted EBITDA (2022):**
    Profit from ordinary operating activities: 6,824
    + Depreciation/Amortization: 3,613
    + Share-based payments: 356
    - Other recurring income/expense: -9
    + Other adjustments (associates/JV share): 22
    = 10,806
*   **FFO (2022):**
    10,806 (Adj EBITDA) - 614 (Net Finance Costs) - 1,737 (Income Tax) = 8,455
*   **Adjusted Debt (2022):**
    Noncurrent Bonds (20,425) + Other Noncurrent Borrowings (3,205) + Shortterm Borrowings (6,368) + Lease Liab (1,580 + 522) + Provisions (961 + 1,149 + 6,599) - Cash/Equivalents (12,578) - Cash Mgt Financial Assets (755) = 26,476
*   **Ratios (2022):**
    Debt/EBITDA = 26,476 / 10,806 = 2.450x
    FFO/Debt = 8,455 / 26,476 = 0.319

### Step 12: Trend Classification
*   **Signal 1 (Leverage):** 2.450x - 3.445x = -0.995x (Improving, as ≤ -0.2x).
*   **Signal 2 (Coverage):** 0.319 - 0.209 = +0.110 (Improving, as ≥ +0.03).

Both signals are "Improving".

<answer>Improving</answer>