To determine the credit trend for Fortum Oyj, we follow the S&P methodology for the "Unregulated Power and Gas" industry.

### 1. Identify Industry
Fortum is an energy company operating in electricity generation, distribution, and retail, which falls under **Unregulated Power and Gas**.

### 2-6. 2021 Calculations
*   **Reported EBITDA (2021):** 4,913,000,000 EUR
*   **Adjusted EBITDA (2021):** 4,913,000,000 - 2,897,000,000 (Items affecting comparability) = 2,016,000,000 EUR (Comparable EBITDA).
*   **FFO (2021):** Adjusted EBITDA (2,016M) - Cash Interest (154M) - Cash Taxes (279M) = 1,583,000,000 EUR.
*   **Adjusted Debt (2021):**
    *   Total Liabilities (135,997M) - Total Equity (13,665M) - Other non-debt-like liabilities (Deferred tax, etc., approx 827M).
    *   Simplified: Current Financial Liabilities (8,519M) + Noncurrent Financial Liabilities (8,701M) + Derivative Liabilities (16,657M + 71,947M) = 105,824,000,000 EUR.
    *   Less Liquid Funds (7,592M) = 98,232,000,000 EUR.
*   **Debt/EBITDA (2021):** 98,232M / 2,016M = 48.7x.
*   **FFO/Debt (2021):** 1,583M / 98,232M = 0.016.

### 7-11. 2022 Calculations
*   **Reported EBITDA (2022):** 1,842,000,000 EUR
*   **Adjusted EBITDA (2022):** 1,842,000,000 - (-593,000,000) = 2,435,000,000 EUR (Comparable EBITDA).
*   **FFO (2022):** Adjusted EBITDA (2,435M) - Cash Interest (179M) - Cash Taxes (167M) = 2,089,000,000 EUR.
*   **Adjusted Debt (2022):**
    *   Current Financial Liabilities (4,127M) + Noncurrent Financial Liabilities (3,658M) + Derivative Liabilities (756M + 3,973M) = 12,514,000,000 EUR.
    *   Less Liquid Funds (3,919M) = 8,595,000,000 EUR.
*   **Debt/EBITDA (2022):** 8,595M / 2,435M = 3.53x.
*   **FFO/Debt (2022):** 2,089M / 8,595M = 0.243.

### 12. Trend Classification
*   **Signal 1 (Leverage):** 3.53x - 48.7x = -45.17x. (This indicates massive deleveraging and improvement; threshold ≤ -0.2x is "Improving").
*   **Signal 2 (Coverage):** 0.243 - 0.016 = +0.227. (Threshold ≥ +0.03 is "Improving").

Both signals strongly indicate an improvement in the credit profile due to the substantial reduction in debt and improved cash flow metrics relative to the massive derivative liability spike observed in 2021.

<answer>Improving</answer>