The company’s current capital structure is heavily weighted toward debt, with a debt‑to‑capital ratio of roughly 64 % and a net debt‑to‑EBITDA ratio around 3.7×. Interest coverage is modest (≈2.5×) and operating cash flow, after working‑capital changes, is very low (≈€36 M), indicating limited financial flexibility. While hybrid bonds can provide longer‑dated, equity‑like funding and help manage refinancing risk, they also carry a higher cost than senior debt (typically 150–300 bps premium). Adding a large proportion of expensive subordinated debt would further strain profitability and cash flow, potentially jeopardising the rating. Therefore, the firm should limit its reliance on hybrid financing, using it only to complement senior debt rather than dominate the capital structure. A conservative, moderate share of hybrid bonds—about one‑quarter of the total capital—balances the benefits of flexibility and regulatory treatment against the higher cost and leverage impact.

<answer>25%</answer>