The company’s adjusted capital, defined as debt plus equity, is calculated using balance sheet data as of the end of 2022 (2023-01-01). Financial liabilities (debt) include short-term and long-term borrowings and other financial liabilities totaling €6,545,674,000. Equity totals €2,390,570,000. Thus, total adjusted capital is €8,936,244,000. S&P Global Ratings’ cap limits equity credit on hybrid bonds to 15% of adjusted capital, which equals €1,340,436,600. Given the company’s high leverage (debt/equity ratio of approximately 2.74) and significant investing cash outflows, hybrid bonds can provide valuable equity credit without diluting equity. To optimize capital structure and fully utilize the allowed equity credit, the company should issue hybrid bonds up to the cap. Therefore, the extent relative to the cap is 100%.

<answer>100%</answer>