**Step 1 – Identify the relevant industry**  
Acciona S.A. is a diversified conglomerate (renewable energy, infrastructure, water and services). None of the sector‑specific methodologies (Regulated Utilities, Oil & Gas E&P, Unregulated Power & Gas, Transportation Infrastructure) apply to the whole group, so we use the **general corporate baseline formulas** provided in the workflow.

**Step 2 – Estimate Adjusted EBITDA (2021)**  

| Item | 2021 (€ million) |
|------|------------------|
| Profit loss from operating activities (EBIT) | 829 |
| + D&A (Dotacion Amortizacion YVariacion De Provisiones) | 714 |
| = EBITDA (unadjusted) | **1 543** |
| Non‑recurring losses to add back: | |
| – Other gains/losses (loss) | +7 |
| – Fair‑value loss on financial instruments | +3 |
| – Share of loss of JVs (equity method) | +81 |
| Non‑recurring gains to subtract: | |
| – Impairment reversal | –67 |
| – Exchange‑translation gain | –10 |
| – Transferencias (reclassification gain) | –46 |
| Net non‑recurring adjustment | **‑32** |
| + Other normalisation adjustments (Other adjustments to reconcile profit loss) | +2 |
| **Adjusted EBITDA 2021** | **1 513** |

**Step 3 – Estimate FFO (2021)**  

FFO = Adjusted EBITDA – cash interest – cash taxes  

- Cash interest paid (Interest Paid Classified As Operating Activities): 206 € million  
- Cash taxes paid (Income Taxes Paid Refund Classified As Operating Activities): 82 € million  

FFO 2021 = 1 513 – 206 – 82 = **1 225 € million**

**Step 4 – Estimate Adjusted Debt (2021)**  

Reported debt (interest‑bearing) =  
- Bonds & preference shares (non‑current) 2 364 + (current) 1 666 = 4 030  
- Loans (non‑current) 2 073 + (current) 280 = 2 353  
- Lease liabilities (non‑current) 430 + (current) 68 = 498  

Total debt = 4 030 + 2 353 + 498 = **6 881 € million**  

Eligible cash = Cash & cash equivalents 2 318 + Short‑term investments classified as cash equivalents 202 = **2 520 € million**  

Adjusted Debt 2021 = 6 881 – 2 520 = **4 361 € million**

**Step 5 – Ratio 2021: Adjusted Debt / Adjusted EBITDA**  

4 361 / 1 513 ≈ **2.88 ×**

**Step 6 – Ratio 2021: FFO / Adjusted Debt**  

1 225 / 4 361 ≈ **0.281**

**Step 7 – Estimate Adjusted EBITDA (2022)**  

| Item | 2022 (€ million) |
|------|------------------|
| EBIT | 1 334 |
| + D&A | 762 |
| = EBITDA (unadjusted) | **2 096** |
| Non‑recurring losses to add back: | |
| – Fair‑value loss on financial instruments | +70 |
| – Share of loss of JVs (equity method) | +194 |
| Non‑recurring gains to subtract: | |
| – Impairment reversal | –15 |
| – Other gains/losses | –13 |
| – Exchange‑translation gain | –8 |
| Net non‑recurring adjustment | **+228** |
| + Other normalisation adjustments (Other adjustments) | +79 |
| **Adjusted EBITDA 2022** | **2 403** |

**Step 8 – Estimate FFO (2022)**  

Cash interest paid = 209 € million  
Cash taxes paid = 215 € million  

FFO 2022 = 2 403 – 209 – 215 = **1 979 € million**

**Step 9 – Estimate Adjusted Debt (2022)**  

Reported debt =  
- Bonds & preference shares (non‑current) 3 101 + (current) 1 139 = 4 240  
- Loans (non‑current) 2 624 + (current) 553 = 3 177  
- Lease liabilities (non‑current) 439 + (current) 72 = 511  

Total debt = 4 240 + 3 177 + 511 = **7 928 € million**  

Eligible cash = Cash & cash equivalents 2 360 + Short‑term investments 462 = **2 822 € million**  

Adjusted Debt 2022 = 7 928 – 2 822 = **5 106 € million**

**Step 10 – Ratio 2022: Adjusted Debt / Adjusted EBITDA**  

5 106 / 2 403 ≈ **2.12 ×**

**Step 11 – Ratio 2022: FFO / Adjusted Debt**  

1 979 / 5 106 ≈ **0.388**

**Step 12 – Credit‑trend classification**

- **Signal 1 (Leverage):** Δ (Debt/EBITDA) = 2.12 – 2.88 ≈ ‑0.76 turns → **≤ ‑0.2 × → Improving**  
- **Signal 2 (Cash‑flow coverage):** Δ (FFO/Debt) = 0.388 – 0.281 ≈ +0.107 → **≥ +0.03 → Improving**  

Both signals point to an **Improving** credit trend.

<answer>Improving</answer>