Fortum appears to have had a very stressed 2022, which weakens its suitability for issuing hybrid bonds despite some continuing-operations strength.

Key positives:
- Continuing operations remained profitable: profit from continuing operations was EUR 1.011bn in 2022.
- Comparable operating profit improved from EUR 1.429bn to EUR 1.871bn.
- Comparable EBITDA improved from EUR 2.016bn to EUR 2.436bn.
- Continuing operations generated positive operating cash flow of EUR 2.104bn.
- Liquidity at year-end remained meaningful, with liquid funds/cash of EUR 3.919bn.
- Equity remained positive at EUR 7.737bn.

Key negatives:
- Total group loss was very large: EUR -10.29bn in 2022.
- Comprehensive income was also deeply negative at EUR -10.757bn.
- Equity declined materially from EUR 13.665bn to EUR 7.737bn.
- Total assets contracted sharply from EUR 149.661bn to EUR 23.642bn, reflecting major restructuring/discontinued operations effects.
- Total operating cash flow including discontinued operations was highly negative at EUR -8.767bn.
- Discontinued operations produced a very large loss of EUR -11.302bn.
- Credit investors would likely view the year as involving exceptional risk, restructuring complexity, and weakened capital position.

Overall, Fortum still had viable continuing operations, positive remaining equity, and strong comparable EBITDA, so it is not clearly “Not Suitable.” However, the very large reported losses, equity erosion, and cash outflows make it difficult to classify as strongly suitable. Hybrid bonds require investor confidence in long-term solvency and cash generation, and the 2022 figures suggest only borderline suitability.

<answer>Marginally Suitable</answer>