Based on the financial facts and industry context for **FERROVIAL SA**, the entity is assessed as **Strongly Suitable** for the issuance of hybrid bonds. 

**Reasoning:**
1. **Industry and Business Risk Profile:** Ferrovial operates in the "Transportation Infrastructure" sector (managing toll roads, airports, and urban mobility). As per S&P's guidelines for this sector, infrastructure assets benefit from high barriers to entry, highly visible and predictable cash flows, and transparent regulatory or long-term contractual concession frameworks. This perfectly aligns with the primary profile of a strong hybrid issuer (infrastructure-like businesses with stable cash flows).
2. **Financial Profile and Capital Intensive Needs:** Infrastructure businesses have substantial long-term capital expenditure, M&A, and project financing requirements (evident from Ferrovial's investments in infrastructure projects and capital flows). The issuance of hybrid bonds allows companies like Ferrovial to fund massive upfront capex without pressuring their senior leverage metrics, thereby defending an Investment Grade (typically BBB-area) credit rating. Hybrids achieve this by being granted 50% equity credit by rating agencies. 
3. **Existing Hybrid Capital:** The most definitive indicator of hybrid suitability is the presence of an existing instrument. The company's equity breakdown distinctly shows a balance of around €507–€508 million allocated to *"Other Equity Securities"* from 2021 to 2023. This is the standard IFRS accounting treatment for a €500 million perpetual subordinated hybrid bond. Furthermore, there are periodic negative equity impacts (e.g., -€8 million) under *"Perpetual Subordinated Bonds"*, which represent the periodic net-of-tax coupon distributions. 
4. **Refinancing Rationale:** Given the established presence of this €500 million hybrid bond on its balance sheet, the issuer has already demonstrated high credibility and market access for subordinated debt. Because hybrids generally require refinancing prior to their first call date to maintain equity credit, Ferrovial inherently has a strong, built-in refinancing rationale to access the hybrid market. 

<answer>Strongly Suitable</answer>