To determine S&P's adjusted leverage trend for VINCI in 2022, we first calculate the EBITDA and Net Debt for both 2021 and 2022.

**For 2021:**
1. **EBITDA:** 
   - Profit (Loss) From Operating Activities = €4,438 million
   - Adjustments For Depreciation And Amortisation Expense = €3,219 million
   - **EBITDA 2021** = €4,438 million + €3,219 million = €7,657 million

2. **Gross Debt:**
   - Short-term Borrowings = €5,769 million
   - Noncurrent Portion Of Noncurrent Bonds Issued = €22,212 million
   - Noncurrent Portion Of Other Noncurrent Borrowings = €2,757 million
   - Current Lease Liabilities = €524 million
   - Noncurrent Lease Liabilities = €1,574 million
   - **Total Debt 2021** = €32,836 million

3. **Net Debt:**
   - Cash and Cash Equivalents = €11,065 million
   - **Net Debt 2021** = €32,836 million - €11,065 million = €21,771 million

4. **Net Debt / EBITDA 2021** = €21,771 million / €7,657 million ≈ **2.84x**

**For 2022:**
1. **EBITDA:**
   - Profit (Loss) From Operating Activities = €6,489 million
   - Adjustments For Depreciation And Amortisation Expense = €3,613 million
   - **EBITDA 2022** = €6,489 million + €3,613 million = €10,102 million

2. **Gross Debt:**
   - Short-term Borrowings = €6,368 million
   - Noncurrent Portion Of Noncurrent Bonds Issued = €20,425 million
   - Noncurrent Portion Of Other Noncurrent Borrowings = €3,205 million
   - Current Lease Liabilities = €522 million
   - Noncurrent Lease Liabilities = €1,580 million
   - **Total Debt 2022** = €32,100 million

3. **Net Debt:**
   - Cash and Cash Equivalents = €12,578 million
   - **Net Debt 2022** = €32,100 million - €12,578 million = €19,522 million

4. **Net Debt / EBITDA 2022** = €19,522 million / €10,102 million ≈ **1.93x**

**Conclusion:**
The year-on-year gap in the Net Debt / EBITDA ratio is 1.93x - 2.84x = **-0.91x**. 
Since the gap is significantly lower than -0.3x, the leverage profile points to a clear improvement.

<answer>Improving</answer>