The company shows a mixed profile for hybrid‑bond issuance. Revenue grew strongly in 2022 (€8.3 bn vs €5.5 bn in 2021) and operating cash flow remained positive at €1.2 bn, indicating solid cash generation despite a large net loss (‑€879 m) and negative operating profit (‑€976 m). EBITDA is modestly positive (≈€257 m) and interest coverage (EBITDA/interest expense) is low at about 1.3 ×, but cash‑flow coverage of the existing hybrid coupon (≈€57 m) is a healthier 2.9 ×. Leverage is high (debt≈€19.7 bn, net debt/EBITDA ≈ 51 ×) and equity‑to‑assets is modest (≈20 %). However, the company already carries €2.1 bn of hybrid capital and benefits from explicit government ownership and a regulated transmission‑system‑operator business, which provides relatively stable cash flows. These factors suggest that while the firm’s financial metrics are borderline, its cash‑flow strength, regulatory environment and existing hybrid financing make it marginally suitable for further hybrid‑bond issuance.

<answer>Marginally Suitable</answer>