Based on the financial data provided for VERBUND AG for the fiscal year ended December 31, 2022, the recommendation for the extent to which the company should issue hybrid bonds is **0%** of total adjusted capital. 

Here is the step-by-step reasoning:

1. **Very Strong Financial Profile & Leverage:**
   VERBUND AG’s operating performance improved dramatically in 2022. Its EBITDA doubled from €1.58 billion in 2021 to €3.16 billion in 2022, largely driven by high energy prices ("Revenue From Sale Of Electricity" jumped from €3.83 billion to €8.75 billion). Net debt stands at approximately €3.54 billion (Total Financial Liabilities of €3.95 billion less Cash & Equivalents of €409 million). This implies an exceptionally strong Net Debt-to-EBITDA ratio of around 1.1x. The company's leverage metrics are extremely solid, and the issuance of a hybrid bond to protect or improve them is structurally unnecessary.

2. **Low Refinancing and Funding Needs:**
   Cash flows from operating activities reached an impressive €2.02 billion in 2022. This robust internal cash generation easily covers their capital expenditures ("Purchase Of Property Plant And Equipment..." of €1.09 billion) and shareholder distributions ("Dividends Paid" of €477 million). Consequently, the company is generating positive free cash flow, pointing to low to non-existent external refinancing or funding needs. There are no transformational M&A or extraordinary capex pressures that would justify the use of costly hybrid instruments.

3. **Cost of Debt vs. Hybrid Pricing:**
   VERBUND AG's current implied cost of debt is very low. With interest expenses around €101 million over roughly €3.5 billion to €4 billion of average financial debt, the effective interest rate is well contained. In contrast, the market data highlights that 2022 saw a considerable rise in swap curves and corporate bond yields (with the sub-senior delta pushing hybrid costs significantly higher). A hybrid issuance in this environment would be highly dilutive and materially increase the overall cost of capital.

4. **No Current Downgrade Risk:**
   Given the cash-generating capacity and balance sheet stability (Equity of €8.32 billion), the company comfortably fits into a strong investment-grade ("A" range) profile. There is no looming rating downgrade risk that requires an equity-like buffer or capital structure optimization.

In conclusion, VERBUND has no compelling structural, financial, or strategic rationale to issue hybrid bonds under the current parameters.

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