To assess the suitability of Ferrovial SA for issuing hybrid bonds, we examine key financial indicators as of the end of 2022:

1.  **Capital Structure and Leverage:** Ferrovial maintains a significant amount of "Noncurrent Portion Of Other Noncurrent Borrowings" (10.78 billion EUR) compared to its "Equity" (6.35 billion EUR). While the company is highly leveraged, it operates as a major infrastructure firm, where high capital intensity and long-term project financing are standard.
2.  **Profitability:** The company is profitable, reporting a 2022 profit of 302 million EUR and an operating profit of 423 million EUR. While net income fluctuated significantly year-over-year, the core operations (Revenue of 7.55 billion EUR) demonstrate stability.
3.  **Liquidity:** Ferrovial maintains a very strong cash position, with "Cash And Cash Equivalents" of 5.13 billion EUR. This high level of liquidity provides a comfortable buffer for debt service and suggests the company could easily manage the interest payments associated with hybrid instruments, which are often deferrable.
4.  **Existing Hybrid Exposure:** The company already carries "Other Equity Securities" (508 million EUR) and has a history of managing "Perpetual Subordinated Bonds," indicating that the management and the capital market are familiar with these types of instruments.
5.  **Market Presence:** As a large-scale, established international infrastructure company, Ferrovial has the scale, credit standing, and ongoing capital needs (Investments in Infrastructure Projects of 13.67 billion EUR) that make hybrid bonds a logical tool for managing the balance sheet, optimizing credit ratings, and funding long-term assets.

Given the strong liquidity, existing experience with equity-like debt instruments, and the capital-intensive nature of their business, the company is well-positioned to utilize hybrid bonds for capital optimization.

<answer>Strongly Suitable</answer>