Based on the provided data for VINCI for the fiscal year ended December 31, 2022, the analysis concludes that the entity should be advised to issue **0%** of total adjusted capital in hybrid bonds.

### Reasoning

1.  **Current and Past Hybrid Issuance:**
    The prompt explicitly states that VINCI has "never" issued hybrid bonds. This is a strong indicator, as past behavior is a reliable signal of management's capital structure philosophy and the lack of a perceived need for this type of instrument.

2.  **Financial Profile and Credit Metrics:**
    VINCI's financial profile is very strong and does not appear to require the support of hybrid instruments.
    *   **Profitability:** Revenue grew significantly from €49.4bn in 2021 to €61.7bn in 2022. Profit attributable to owners of the parent increased from €2.6bn to €4.3bn.
    *   **Leverage:** The provided S&P metrics show a Net Debt / EBITDA ratio of 1.89x and an FFO / Net Debt of 42.21% for 2022. These are metrics consistent with a strong investment-grade rating (likely in the 'A' or high 'BBB' range).
    *   **Leverage Trend:** The Moody's adjusted leverage trend is described as "Improving," suggesting organic deleveraging through strong operational performance.
    *   **Cash Flow:** Cash flow from operations was very robust at €9.4bn, more than enough to cover investing activities of €5.3bn (including €2.1bn for acquisitions and €3.3bn for capex) and still fund shareholder returns (€1.9bn in dividends and €1.1bn in share buybacks) with a net cash increase.

3.  **Guideline Alignment:**
    The guidelines for a 0% recommendation align well with VINCI's situation:
    *   **Low refinancing needs:** The company has strong internal cash flow generation to meet its needs.
    *   **Limited to no deterioration of credit metrics:** Credit metrics are improving.
    *   **Hybrid issuance would not improve rating or leverage metrics:** With an already strong and improving credit profile, hybrid equity credit is unnecessary to preserve or achieve a rating target.
    *   **Strong rating profile, "A" range:** The metrics suggest VINCI is comfortably within the 'A' rating category or strong 'BBB+'.
    *   **Cost of hybrid will materially increase the current cost of debt:** Given the improving interest rate environment in 2022 (swap rates were rising), issuing a deeply subordinated instrument like a hybrid would come at a significantly higher cost than senior debt, which would be value-destructive for a company with no need for it.
    *   **No current hybrid in the capital structure:** This confirms the company's historical disinclination and current lack of necessity.

The company demonstrates strong growth, high profitability, significant cash flow generation, and an improving leverage profile. There is no evidence of rating headroom being constrained, significant upcoming leverage pressure, or a transformational M&A program that necessitates a change in capital structure policy.

<answer>0%</answer>