To determine S&P's adjusted leverage trend for ENGIE in 2022, we analyze the year-over-year changes in the company's Net Debt and EBITDA. 

1. **Net Debt Calculation:**
   - **2021:**
     - Long-term Borrowings: 30,458,000,000 EUR
     - Current Borrowings: 10,590,000,000 EUR
     - Total Debt = 41,048,000,000 EUR
     - Less Cash and Cash Equivalents: 13,890,000,000 EUR
     - **Net Debt (2021)** = 27,158,000,000 EUR
   - **2022:**
     - Long-term Borrowings: 28,083,000,000 EUR
     - Current Borrowings: 12,508,000,000 EUR
     - Total Debt = 40,591,000,000 EUR
     - Less Cash and Cash Equivalents: 15,570,000,000 EUR
     - **Net Debt (2022)** = 25,021,000,000 EUR
   *Net debt decreased by approximately 2.14 billion EUR year-over-year.*

2. **EBITDA Proxy (Operating Cash Flow before WC Changes):**
   - The reported standard "Profit/Loss from Operating Activities" is heavily impacted by massive non-recurring items and impairments in 2022 (e.g., -2.77B EUR impairment and -1.33B EUR other non-recurring items).
   - As a truer proxy for adjusted EBITDA and operating performance, we can observe the "Cash Flows From Used In Operations Before Changes In Working Capital":
     - **2021:** 9,807,000,000 EUR
     - **2022:** 12,415,000,000 EUR
   *Cash generation and underlying EBITDA grew by over 2.6 billion EUR year-over-year due to the favorable energy price environment.*

3. **Net Debt / EBITDA Ratio:**
   - Using the cash flow proxy for EBITDA (adding back cash interest and taxes gives a comparable EBITDA figure roughly mapping to ~11.1B EUR in 2021 and ~14.7B EUR in 2022).
   - **2021 Ratio Estimator:** ~27.16B / 11.1B ≈ 2.45x
   - **2022 Ratio Estimator:** ~25.02B / 14.7B ≈ 1.70x
   - The gap between 2022 and 2021 leverage ratios is approximately -0.75x.

Since the Net Debt / EBITDA ratio gap is heavily negative (meaning the ratio contracted by more than the -0.3x threshold for an improving trend), the leverage metrics have materially strengthened. 

<answer>Improving</answer>