To determine S&P's adjusted leverage trend for 2022, we estimate the Net Debt to EBITDA ratio for the years 2021 and 2022. 

**1. Calculate EBITDA**
We use the reported proxy for EBITDA: "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE".
*   **EBITDA 2021:** 3,723,050,000 EUR
*   **EBITDA 2022:** 4,523,539,000 EUR

**2. Calculate Net Debt**
Using the standard definition (Long-term Borrowings + Current Borrowings - Cash and Cash Equivalents):
*   **Net Debt 2021:** 15,299,588,000 + 1,518,348,000 - 3,222,409,000 = 13,595,527,000 EUR
*   **Net Debt 2022:** 15,782,604,000 + 4,239,869,000 - 4,900,205,000 = 15,122,268,000 EUR

*(Note: Including other standard S&P debt-like adjustments typical for EDP, such as Institutional Partnerships in North America (Tax Equity) and unfunded pension liabilities, would further inflate both debt balances but still yield a parallel downward trajectory).*

**3. Calculate Net Debt / EBITDA Ratio**
*   **Ratio 2021:** 13,595,527,000 / 3,723,050,000 ≈ 3.65x
*   **Ratio 2022:** 15,122,268,000 / 4,523,539,000 ≈ 3.34x

**4. Evaluate the Trend**
*   **Gap (Year-on-Year):** 3.34x - 3.65x = -0.31x
The reduction of the leverage ratio is approximately 0.31x. Because the gap is lower than the threshold of -0.3x (representing an absolute decrease larger than 0.3x), the adjusted leverage trend indicates an improvement.

<answer>Improving</answer>