Based on the provided financial and market data, here is the assessment of IBERDROLA SA's suitability for issuing hybrid bonds:

**1. Industry and Business Risk Profile**
Iberdrola operates in the regulated utility and unregulated power and gas sectors. As a massive integrated utility (with revenues of nearly €54 billion and an EBITDA of €13.2 billion in 2022), it possesses vast scale, geographic diversity, and strong competitive advantages. Utilities are characteristically highly suitable for hybrid bond issuance because their highly visible, regulated, and stable cash flows give fixed-income investors confidence that the company can easily service the subordinated coupon payments. 

**2. Financial Profile and Credit Metrics**
For 2022, Iberdrola showed an S&P Net Debt to EBITDA ratio of 3.91x and an FFO to Net Debt ratio of 19.65%. These metrics position the company solidly within the Investment Grade spectrum (typically the BBB area for capital-intensive utilities). At this rating level, hybrid bonds serve as an excellent instrument to optimize the weighted average cost of capital (WACC) while defending the current rating. The 50% equity credit granted by rating agencies for hybrid bonds allows Iberdrola to manage its leverage effectively, particularly given its heavy capital expenditure program focused on the energy transition and renewables.

**3. Track Record and Capital Markets Access**
The data clearly indicates that Iberdrola has been an active issuer of hybrid bonds since 2013 and recently issued hybrids in 2021/2022. This demonstrates that the company treats hybrid capital as a permanent, core component of its capital structure. It has high credibility with institutional investors and deep access to the capital markets, making future hybrid issuance a standard and strongly supported refinancing/funding exercise.

**Conclusion**
Given its utility/infrastructure-like business model, its solid BBB-area investment-grade metrics requiring large-scale capex funding, and its proven, active track record as a frequent hybrid bond issuer, Iberdrola fits the profile of a prime candidate for hybrid capital perfectly.

<answer>Strongly Suitable</answer>