To assess suitability for issuing hybrid bonds, we typically look for:
- Stable or growing profitability with strong cash flows to cover interest costs.
- Manageable leverage with capacity to absorb additional subordinated debt.
- Large, recurring capital expenditures and a willingness to maintain an investment-grade profile.
- Sufficient equity buffer and interest coverage.

From the data:
- Revenue grew substantially from 2021 to 2022 (€14.98B to €20.65B), and gross margins improved.
- Operating cash flows nearly doubled to €3.78B in 2022 from €2.02B in 2021, a very positive signal.
- EBITDA (profit before provisions, depreciation, financial items, and tax) is strong: €4.52B in 2022 vs. €3.72B in 2021.
- Finance costs, however, jumped sharply from €876M to €1.75B, which may indicate increased leverage and/or higher interest rates.
- Total equity is ~€13.8B vs. total liabilities of ~€45B, leading to high leverage; equity proportion is about 23–24%.
- Significant non-current debt (€15.8B) and total borrowings are large (current + non-current borrowings >€20B).
- The dividend payout is sizable and maintained, and there are minority interest distributions, which can constrain retained cash.
- Despite high debt, interest coverage (EBITDA/Finance Costs) is comfortable at ~2.6x in 2022.
- There is a defined track record with hybrid-like features: institutional partnerships, non-controlling interests, and capital market instruments.

The company appears able to service additional subordinated debt given its cash flow generation and asset base, though leverage is already high and rising interest costs could concern rating agencies. Given the solid operating cash flow and equity-like treatment in ratings, hybrid bonds could be manageable but would likely be considered marginally suitable rather than a strong candidate due to already elevated leverage.

<answer>Marginally Suitable</answer>