I need to estimate Moody's adjusted leverage trend for VINCI in 2022. Moody's adjusted leverage is typically measured as Adjusted Debt / Adjusted EBITDA.

Let me work through the key components:

**EBITDA Approximation:**
- Profit from Operating Activities 2022: €6,489M (vs 2021: €4,438M)
- Depreciation & Amortization 2022: €3,613M (vs 2021: €3,219M)
- Approximate EBITDA 2022: €6,489M + €3,613M = ~€10,102M
- Approximate EBITDA 2021: €4,438M + €3,219M = ~€7,657M

EBITDA grew significantly (~32% increase).

**Debt Estimation:**
At end of 2022 (reported as 2023-01-01):
- Non-current bonds: €20,425M
- Other non-current borrowings: €3,205M
- Non-current lease liabilities: €1,580M
- Short-term borrowings: €6,368M
- Current lease liabilities: €522M
- Total gross debt: ~€32,100M
- Less cash: €12,578M
- Net debt: ~€19,522M

At end of 2021 (reported as 2022-01-01):
- Non-current bonds: €22,212M
- Other non-current borrowings: €2,757M
- Non-current lease liabilities: €1,574M
- Short-term borrowings: €5,769M
- Current lease liabilities: €524M
- Total gross debt: ~€32,836M
- Less cash: €11,065M
- Net debt: ~€21,771M

**Leverage Ratios:**
- 2022 Net Debt/EBITDA: €19,522M / €10,102M ≈ 1.93x
- 2021 Net Debt/EBITDA: €21,771M / €7,657M ≈ 2.84x

Even using gross debt:
- 2022: €32,100M / €10,102M ≈ 3.18x
- 2021: €32,836M / €7,657M ≈ 4.29x

The leverage ratio has improved significantly from 2021 to 2022. This is driven by:
1. Strong EBITDA growth (~32%) due to revenue growth from €50B to €62.5B
2. Slight reduction in net debt (lower bonds outstanding, higher cash)

Moody's would also add pension obligations and potentially operating leases (already included above). The pension provision decreased from €1,459M to €1,149M, which would further support the improving trend.

The combination of substantially higher earnings and modestly lower debt clearly points to an improving leverage trend.

<answer>Improving</answer>