To assess the suitability of Fortum Oyj for issuing hybrid bonds based on the 2022 financial data, we must consider the company's financial health, leverage, and volatility.

1. **Financial Performance:** The company reported a significant loss in 2022, with a net loss of 10.29 billion EUR and a loss attributable to owners of the parent of 2.416 billion EUR. This was largely driven by losses from discontinued operations (11.302 billion EUR).
2. **Equity and Solvency:** Equity declined significantly from 13.665 billion EUR at the start of 2022 to 7.737 billion EUR at the end of 2022. This erosion of equity reduces the buffer available to absorb further financial shocks.
3. **Liquidity and Cash Flow:** Cash and cash equivalents decreased from 7.592 billion EUR to 3.919 billion EUR. While the company maintains liquid funds, the negative cash flow from operating activities (-8.767 billion EUR) indicates severe pressure on internal cash generation capacity.
4. **Leverage and Debt Profile:** While the company is managing its liabilities (total liabilities dropped from 135.997 billion EUR to 15.905 billion EUR, largely due to structural changes/disposals), the high volatility in its financial position, the substantial net loss, and the significant decline in equity make the credit profile more speculative.

Hybrid bonds are generally used to improve capital structure or fund growth. Given the substantial erosion of equity, the large net losses, and the negative operating cash flows in 2022, the company would likely face high interest costs to issue such instruments, as they are viewed as a higher-risk proposition for investors in the current state. The instability in the 2022 balance sheet and profit/loss statement suggests that the company is currently in a restructuring phase, which typically makes the issuance of hybrid instruments difficult or inefficient compared to other financing methods.

<answer>Marginally Suitable</answer>