The company shows a solid ability to service hybrid obligations: EBITDA ≈ €4.5 bn, net interest coverage ≈ 5×, and operating cash flow of €3.8 bn in 2022. Its net‑debt/EBITDA ratio of about 3.3 × is moderate, and the regulated electricity‑and‑gas business provides stable cash flows. However, the equity ratio has declined to ~23 % and net debt rose to €15 bn, while dividend per share slightly exceeds EPS – indicating some pressure on balance‑sheet flexibility. These factors place the firm in a “marginally suitable” category for issuing hybrid bonds.

<answer>Marginally Suitable</answer>