Let’s go step-by-step.

**1. Business profile**  
Fortum is a Finnish utility with a mix of regulated and unregulated activities. It has a strong presence in hydro, nuclear, and thermal generation, plus district heating. The regulatory advantage for its regulated operations is generally **strong**, and Finland is a low-risk jurisdiction. After selling Uniper, Fortum’s risk profile improves significantly, concentrating on more stable Nordic operations.

**2. Financial metrics**  
- S&P Net Debt/EBITDA for 2022: 1.84x — very low leverage.  
- S&P FFO/Net Debt: 45.56% — strong cash flow coverage.  
- Moody’s adjusted leverage trend: improving.  
- Starting point: **no hybrids outstanding** (never issued).

These metrics suggest a solid investment-grade profile (likely in the BBB+ to A- range), with no immediate need for equity credit from hybrids to protect the rating.

**3. Capital needs and refinancing**  
Fortum’s standalone capex is moderate (~€534m in 2022), with no large M&A pipeline signaled. The Uniper disposal removed a huge source of cash drain and risk. There are some debt maturities, but refinancing is manageable without hybrid support.

**4. Market conditions**  
2022 swap rates rose sharply (5Y from negative to ~1.7%), and corporate bond spreads widened but remained moderate. Hybrids would price at a noticeable premium to senior debt. No indication that Fortum would benefit from locking in hybrid funding versus senior.

**5. Guidance checklist mapping**  
- Low refinancing needs → points to **0%**.  
- Strong metrics & no hybrid history → **0%** is most consistent.  
- Cost of hybrid would materially exceed current cost of debt → **0%**.  
- No rating pressure requiring equity credit → **0%**.  
- The company’s persistent choice not to issue hybrids is a strong signal.

**Conclusion**  
Given the strong standalone credit profile, low leverage, improving trend, no hybrid history, and higher relative cost, there is no compelling case to advise hybrid issuance in the next 18 months.

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