To assess whether Ferrovial SA is suitable to issue hybrid bonds, we must evaluate its financial health, leverage, profitability, and existing capital structure based on the provided 2022 annual report data.

**1. Financial Strength and Leverage:**
*   **Equity Base:** The company has a solid equity base of EUR 6,354 million (2023-01-01), with EUR 4,113 million attributable to owners of the parent. This provides a cushion for absorbing losses, which is attractive to hybrid bond investors who rank below senior debt but above equity.
*   **Debt Levels:** Noncurrent liabilities are EUR 13,142 million, with significant borrowings (Noncurrent Portion of Other Noncurrent Borrowings: EUR 10,776 million). The ratio of Debt to Equity is relatively high, which is typical for infrastructure companies but suggests a need for capital that doesn't further strain senior debt covenants. Hybrid bonds are often used to optimize leverage ratios because they can be treated as equity for rating agency purposes.
*   **Asset Quality:** The company holds substantial noncurrent assets (EUR 18,865 million), heavily weighted towards "Investments In Infrastructure Projects" (EUR 13,667 million). These are long-term, stable assets that generate predictable cash flows, supporting the payment of discretionary coupons on hybrid bonds.

**2. Profitability and Cash Flow:**
*   **Profitability:** The company reported a Profit Loss Attributable To Owners Of Parent of EUR 186 million for the period. While not exceptionally high, it is positive. More importantly, the "Cash Flows From Used In Operating Activities" was positive at EUR 1,002 million. This strong operating cash flow is crucial for servicing any form of debt or hybrid instrument.
*   **Interest Coverage:** The "Finance Income Cost" was EUR -320 million. The Operating Profit (Profit From Operations Before Impairment...) was EUR 429 million. The operating profit covers the financial costs, indicating the company generates enough operational income to service its financial obligations.

**3. Existing Capital Structure and Precedent:**
*   **Existing Hybrids/Equity-like Instruments:** The data shows "Other Equity Securities" of EUR 508 million and mentions "Perpetual Subordinated Bonds" with movements in equity. This indicates the company already utilizes hybrid-like instruments or has a capital structure that accommodates them. The presence of these items suggests familiarity and market access for such instruments.
*   **Creditworthiness:** The company is a large, diversified infrastructure group with recurring revenue streams (tolls, airports, etc.). The "Revenue" of EUR 7,551 million demonstrates significant scale.

**4. Suitability Assessment:**
*   **Strongly Suitable:** Companies that are strongly suitable typically have investment-grade credit ratings, stable and growing cash flows, and a strategic need to manage leverage ratios without diluting equity shareholders. Ferrovial fits this profile. It has strong operating cash flows, a large asset base of infrastructure projects (which are ideal backing for long-term capital), and an existing framework for equity-like instruments. The issuance of hybrid bonds would help strengthen its equity ratio (by treating hybrids as equity) while providing long-term funding matching its infrastructure assets. The positive operating cash flow ensures the ability to pay coupons, even if they are discretionary. The fact that they already have "Perpetual Subordinated Bonds" activity suggests they are active in this market.

*   **Marginally Suitable:** This would apply if the company had borderline credit metrics, volatile cash flows, or limited market access. Ferrovial's metrics are robust for its sector.

*   **Not Suitable:** This would apply if the company were loss-making, had negative operating cash flows, or was in distress. Ferrovial is profitable and cash-flow positive.

*   **Insufficient Data:** We have comprehensive balance sheet, income statement, and cash flow data.

**Conclusion:**
Ferrovial SA exhibits strong characteristics for issuing hybrid bonds: stable infrastructure assets, positive operating cash flows, existing experience with equity-like instruments, and a strategic benefit from optimizing its leverage ratio. The infrastructure sector is a classic issuer of hybrid capital due to the long-term nature of its assets and cash flows.

<answer>Strongly Suitable</answer>