To assess the suitability of Fortum Oyj for issuing hybrid bonds based on the provided 2022 financial data, we evaluate several key financial health indicators:

1.  **Profitability and Earnings Volatility:** The company reported a significant net loss of 10.29 billion EUR for 2022, primarily driven by massive losses from discontinued operations (11.3 billion EUR). While comparable operating profit showed improvement (1.87 billion EUR vs 1.43 billion EUR), the net loss and negative cash flows from operating activities indicate substantial volatility and earnings pressure.
2.  **Cash Flow Position:** The company experienced a sharp decline in cash and cash equivalents (from 7.59 billion EUR in 2022 to 3.92 billion EUR in 2023). Operating cash flows were deeply negative (-8.77 billion EUR), which is a concerning signal for an issuer relying on stable cash flows to service subordinated debt (hybrid instruments).
3.  **Leverage and Solvency:** Equity decreased sharply from 13.67 billion EUR to 7.74 billion EUR. While the company still maintains an equity buffer, the erosion of equity and the massive drop in total assets indicate a substantial balance sheet contraction.
4.  **Capital Structure:** Hybrid bonds are typically used by companies that are investment grade but want to optimize their capital structure by obtaining equity-like credit treatment from rating agencies. Given the large loss, negative operating cash flows, and recent restructuring (divestments/discontinued operations), the company's risk profile has increased, making it more challenging to justify the issuance of "equity-like" debt, which would place additional pressure on the firm's capital structure.

Given the combination of a massive net loss, negative cash flows, and significant contraction in the balance sheet, the company's financial position in 2022 suggests it would struggle to maintain the stable credit metrics usually associated with successful hybrid bond issuances.

<answer>Not Suitable</answer>