To assess the suitability of Ferrovial S.A. to issue hybrid bonds, we must examine the company's financial profile, focusing on leverage, interest coverage, cash flow generation, and existing hybrid instruments, as hybrid bonds are typically issued to optimize capital structure and leverage metrics (since they are often treated as 50% equity by rating agencies) while requiring strong capacity to meet interest payments.

1. **Leverage & Capital Structure**: 
The company's total equity at the end of 2022 is €6.354 billion, with total assets of €26.284 billion. Gross debt (noncurrent borrowings of €10.776 billion + current borrowings of €877 million) stands at approximately €11.653 billion. The Net Debt/EBITDA ratio (using operating profit as a proxy for EBITDA given the lack of a specific D&A add-back in operating cash flow, although amortization is €299M) indicates a moderately leveraged capital structure. However, issuing hybrid bonds is a common strategy for companies in infrastructure (which is capital-intensive) to raise quasi-equity without diluting existing shareholders, thereby improving the Debt/Equity ratio.

2. **Interest Coverage & Profitability**:
Ferrovial exhibits solid profitability and strong interest coverage. The Profit from operating activities is €423 million, and adjusted for the €299 million amortization expense, EBITDA is roughly €722 million. Finance costs are €320 million, yielding an EBITDA-to-interest coverage ratio of over 2.2x. Furthermore, the company generated robust operating cash flows of €1.002 billion in 2022, more than adequately covering its finance costs and demonstrating the recurring cash generation needed to service hybrid bond coupons.

3. **Existing Hybrid Instruments**:
The balance sheet already shows "Perpetual Subordinated Bonds" classified under "Other Equity Securities" (€508 million out of €507 million historical plus movements), and recognized movements in equity for perpetual subordinated bonds. This demonstrates that the company is already an established issuer in the hybrid capital market, understands the mechanics, and has rating agency approval for such equity-credit instruments.

4. **Shareholder Remuneration**:
The company actively returns capital to shareholders (shareholder remuneration of €578 million in 2022 through scrip dividends and share buybacks), signaling financial stability. A hybrid issuance would allow them to continue this remuneration while bolstering their equity credit.

Given the company's established presence in the hybrid market, strong operating cash flow generation, adequate interest coverage, and capital-intensive business model that benefits from equity-credit instruments, Ferrovial is strongly suitable to issue hybrid bonds.

<answer>Strongly Suitable</answer>