Hybrid bonds are a form of capital that blends debt and equity, often used to optimize cost of capital and regulatory ratios, but they come with higher issuance risk and potential coupon deferral loss of permanence. From the provided data, Hera S.p.A. shows increasing noncurrent financial liabilities from 3.716B in 2022 to 5.689B in 2023, indicating growing leverage but with significant contributions from noncurrent borrowings rather than hybrids explicitly. There is no explicit mention of hybrid bonds in the listed line items. The company also has substantial equity (3.394B to 3.394B) and a strong cash position improving cash flows from financing activities, along with dividend payments, etc. Without evidence of hybrid instruments and given that leverage is increasing but not through hybrid instruments, it would be prudent to not rely heavily on hybrids. Therefore, recommended reliance on hybrid bonds is 0%. 
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