Ferrovial exhibits a large, asset-heavy infrastructure/funding profile with substantial noncurrent assets and long-term project financing. However, the provided data shows:

- Significant leverage: noncurrent borrowings and current borrowings, sizable debt related to infrastructure projects, and a broad mix of long-term and short-term debt components. Although 2022 figures are not directly labeled as scale, the balance sheet indicates heavy capital expenditure, sizable provisions, and substantial debt, implying leverage pressures rather than a pristine investment-grade profile.
- Cash flow signals: 2022-2023 operating cash flow improved vs prior year but free cash flow is heavily affected by investing activities (Investments in Infrastructure Projects and Divestments) and financing activities. The company shows meaningful cash flow volatility due to project financing and large capex cycles typical of infrastructure players.
- Regulatory/infrastructure characteristics: Ferrovial operates as a major infrastructure contractor/operator (highways, airports). S&P’s methodology would view regulated or quasi-regulated, infrastructure-like entities as stronger candidates for hybrids if cash flows are highly visible and regulatory frameworks protect affordability of capital costs. Ferrovial’s data suggests substantial project-financed assets and cash flow visibility tied to regulated/infrastructure assets, but the presence of substantial noncurrent borrowings and cross-border project finance suggests complexity and potential refinancing risk.
- Market data: swap curves and credit market indicators show elevated rates in 2022, but for hybrids, the relevant consideration is rating headroom and whether hybrid could improve leverage metrics. The company’s equity base and losses in 2022/2023 imply some earnings volatility; however, comprehensive profitability metrics are mixed, with profit before tax positive but earnings per share modest; there is a notable negative comprehensive line and adjustments. This might indicate credit risk; however, noncontrolling interests and substantial equity reserves show some buffer.

Decision: Marginally Suitable. Reasoning: Infrastructure-like business with visible cash flows and needs for long-term capex; hybrids could provide funding headroom and maintain credit metrics, but the company’s leverage, variability in earnings, and reliance on project financing create refinancing and rating headroom considerations. The guidance suggests hybrids most suitable where strong regulatory/infrastructure visibility and investment-grade profile exist; Ferrovial edges into that space but not clearly investment-grade on given data, and hybrids would be opportunistic rather than core. Therefore: Marginally Suitable. 

<answer>Marginally Suitable</answer>