Ferrovial shows substantial use of debt financing for infrastructure projects, including Noncurrent Debt Securities and Bank Borrowings, with significant long-term borrowings and complex funding structures. However, the provided data separates “Perpetual Subordinated Bonds” under equity-derived items, indicating some hybrid instruments exist, but the scale appears limited relative to overall financing (noncontingent debt substantial, with a smaller line labeled Perpetual Subordinated Bonds at -8,000,000 EUR and related components). The mix suggests hybrid bonds are present but not dominant in the capital structure. Therefore, the company should not rely heavily on hybrids; a moderate to low reliance is more appropriate, aligning with a conservative approach given large traditional debt and project finance components.

Answer: 25%