To assess whether Ferrovial S.A. is suitable to issue hybrid bonds based on the 2022 annual report, we must evaluate the company's financial health, solvency, and historical use of equity-like instruments:

1.  **Equity/Capital Structure:** As of Jan 1, 2023, the company holds significant Equity (6,354,000,000 EUR) and possesses "Other Equity Securities" of 508,000,000 EUR, which indicates an existing precedent for using perpetual or hybrid-like instruments within its capital structure.
2.  **Profitability:** The company demonstrates consistent revenue growth (7,551,000,000 EUR in 2022 vs 6,910,000,000 EUR in 2021). While the "Profit Loss" decreased in 2022 compared to 2021, the firm maintains positive operating profits and continues to pay dividends, suggesting reliable operational cash flow to service potential hybrid coupon payments.
3.  **Liquidity and Debt:** The company maintains a strong cash position (5,130,000,000 EUR in Cash and Cash Equivalents). Given the nature of its business—heavy infrastructure projects—the use of hybrid bonds is a standard instrument to manage long-term capital intensity without diluting existing shareholders or breaching debt covenants associated with senior bank borrowings.
4.  **Financial Strategy:** The company clearly uses financial instruments like perpetual subordinated bonds and has a sophisticated capital structure. Its ability to generate significant "Cash Flows From Used In Operating Activities" (1,002,000,000 EUR) provides the necessary financial cushion to support the "equity-credit" nature of hybrid bonds (which typically require interest deferral features).

Given the established capital structure, the presence of existing perpetual securities, and consistent operational cash flows, the company is well-positioned to utilize hybrid instruments as part of its financing strategy.

<answer>Strongly Suitable</answer>