To determine the trend in Moody's adjusted leverage for Ferrovial S.A. in 2022, we analyze the changes in both the company's adjusted debt and its EBITDA (often corresponding to the reported Gross Profit or Gross Operating Profit in Spanish accounting terms) between 2021 and 2022.

**1. EBITDA Calculation:**
* **2021:** Total Revenue (6,910M) + Other Income (1M) - Raw Materials (1,085M) - Employee Benefits (1,293M) - Miscellaneous Operating Expenses (3,923M) = **€610 million** (Matches the reported "Gross Profit").
* **2022:** Total Revenue (7,551M) + Other Income (2M) - Raw Materials (1,197M) - Employee Benefits (1,446M) - Miscellaneous Operating Expenses (4,182M) = **€728 million**.
EBITDA saw a significant year-over-year growth of approximately **19.3%**.

**2. Adjusted Debt Calculation:**
To find the gross debt (including both corporate and infrastructure projects, plus lease liabilities):
* **2021:** Non-current borrowings (7,362M infra + 2,151M excl. infra) + Current borrowings (47M infra + 1,049M excl. infra) + Lease liabilities (115M + 58M) = **€10,782 million**.
* **2022:** Non-current borrowings (7,893M infra + 2,883M excl. infra) + Current borrowings (74M infra + 803M excl. infra) + Lease liabilities (120M + 64M) = **€11,837 million**.
Adjusted Debt grew by approximately **9.8%**.

**3. Leverage (Debt / EBITDA):**
* **2021 Adjusted Leverage:** €10,782M / €610M ≈ **17.67x**
* **2022 Adjusted Leverage:** €11,837M / €728M ≈ **16.26x**

Because the EBITDA growth (19.3%) substantially outpaced the increase in debt (9.8%), the Gross Debt / EBITDA leverage multiple contracted sequentially. (A similar improving trend is observed if looking strictly at corporate debt excluding non-recourse infrastructure project debt). 

Therefore, the adjusted leverage trend is improving.

<answer>Improving</answer>