**Reasoning**

- **Current credit profile:** VINCI shows strong cash generation (FFO ≈ €9.4 bn) and a solid FFO‑to‑debt ratio of ~29 %, indicating an “A‑range” rating with comfortable leverage (debt/EBITDA ≈ 3.2×).  
- **Funding needs:** The company generated a net cash surplus after operating, investing and financing activities (≈ €1.2 bn increase in cash). It is actually repaying debt (net repayment of ~€0.9 bn) and has no pressing need for additional financing.  
- **Refinancing requirements:** While short‑term borrowings of ~€6.4 bn will mature within the next year, VINCI can comfortably refinance these with senior debt at lower cost than a hybrid instrument.  
- **Cost of hybrid:** Market data show senior corporate bond yields around 1‑2 % and sub‑ordinated (hybrid) spreads above 2 % for a low‑volatility infrastructure issuer. Issuing hybrids would materially raise the effective cost of debt relative to senior issuance.  
- **Capital‑structure impact:** VINCI currently has no hybrid securities in its capital structure. Adding hybrids would provide only marginal rating flexibility and would not materially improve leverage metrics, given the already healthy ratios.  
- **Strategic considerations:** The company’s capex pipeline is large but can be financed through operating cash flow and existing debt capacity. No extraordinary M&A or transformation program is evident that would require hybrid support to preserve the rating.  

**Conclusion:** The firm’s strong cash‑flow generation, low refinancing pressure, and already solid credit metrics mean that issuing hybrid bonds would add cost without a corresponding benefit to the rating or leverage profile. Therefore, the recommended level of hybrid issuance for the next 18 months is **0 % of total adjusted capital**.

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