Based on the financial facts and market data provided for VINCI for the fiscal year ended December 31, 2022, we can assess the company's suitability for issuing hybrid bonds against the provided guidelines.

**1. Financial Profile and Credit Metrics:**
VINCI exhibits a remarkably strong financial profile. For 2022, its S&P Net Debt to EBITDA ratio stands at a very low 1.89x, and its FFO to Net Debt ratio is exceptionally robust at 42.21% (0.4221). These metrics are indicative of a strong Investment Grade profile (typically 'A' category or better), meaning the company has ample capacity to take on standard senior debt without threatening its credit ratings. 

**2. Leverage Trends:**
Moody's adjusted leverage trend for 2022 is noted as "Improving." Combined with high profitability (Profit From Recurring Operating Activities of €6.48 billion) and massive scale, VINCI's improving trajectory removes any pressing need for the equity-like credit support that a hybrid bond provides to defend a deteriorating rating. 

**3. Historical Issuance:**
The data explicitly states that VINCI has never issued hybrid bonds. The guidelines note that an entity not having issued hybrid bonds recently—and certainly an entity that has never done so—provides a strong signal that it is Not Suitable, as it points to a lack of necessity or appetite for this specific asset class in their capital structure. 

**4. Cost of Capital and Rationale:**
Given its strong cash flow generation (Cash flows from operations of €9.38 billion) and elite credit quality, issuing a subordinated hybrid bond would likely be perceived as an unnecessarily expensive form of capital. VINCI can easily and cheaply access the traditional senior debt markets for its corporate and M&A funding needs without relying on costlier hybrid structures. 

**Conclusion:**
Because VINCI has an exceedingly strong Investment Grade profile, improving financial metrics, and no history of hybrid bond issuance, it does not fit the profile of a typical hybrid issuer (which is usually a 'BBB' category company needing to protect its rating or fund M&A without increasing standard leverage). 

<answer>Not Suitable</answer>