Reasoning:
- S&P cap: equity credit for hybrids capped at 15% of total adjusted capital (debt + equity). To determine feasible usage, compare current equity and debt levels.
- From 2023-01-01 figures: Equity Attributable To Owners Of Parent = 3,398,400,000 EUR; Noncontrolling Interests = 246,300,000 EUR; Total Equity = 3,644,700,000 EUR (given as Equity 2023-01-01).
- Liabilities: Noncurrent Liabilities = 6,624,600,000 EUR; Current Liabilities = 6,849,200,000 EUR; Total Liabilities = 13,473,800,000 EUR.
- Total adjusted capital = Debt + Equity. Here, “debt” could be total liabilities minus non-controlling interests, but standard approach for capital structure uses debt (financial liabilities) + equity. We’ll approximate debt as total liabilities excluding equity, i.e., 13,473,800,000 EUR. Then total adjusted capital ≈ 13,473,800,000 + 3,644,700,000 = 17,118,500,000 EUR (which matches “Assets” ~ 17,118,500,000 EUR, but using liabilities + equity is consistent).
- 15% of total adjusted capital = 0.15 * 17,118,500,000 ≈ 2,567,775,000 EUR in equity credit allowed for hybrids.
- Hybrids are instruments that count towards debt/equity mix. The question asks to what extent should utilize hybrid bonds relative to cap, i.e., what share of capital can be hybrids without exceeding cap. If we issue hybrids up to 15% equity credit, that corresponds to up to 15% of total adjusted capital being hybrids in equity credit terms. The options are 0, 25, 50, 75, 100%. Since cap is 15%, the practical suggestion is to utilize hybrids up to 15% of total adjusted capital, which is not exactly any option. The question seems to want selection among given multiples. The closest interpretation: the cap allows up to 15% equity credit; choosing 25% would exceed the cap. Therefore the extent should be 0% or at most 25%? The cap means you can attribute up to 15% of adjusted capital as equity credit; since 25% exceeds, you cannot. Hence the correct answer among provided discrete options is 0% (if you adhere strictly to cap applying). However, if the company wants to optimize within cap, the answer the scale would be 15%, but not an option. The instruction asks to select among given options; choose the one that does not violate cap: 0% is certainly within cap; 25% would exceed. So the extent should be 0%.

Final answer line:
<answer>0%</answer>