To assess whether FERROVIAL SA is suitable to issue hybrid bonds, we evaluate the company's scale, financial health, cash generation, and capital structure based on the provided 2022 financial data:

1. **Size and Scale**: Ferrovial is a massive corporate entity with total assets of €26.28 billion and annual revenues of €7.55 billion. Hybrid bonds are generally utilized by large, well-established corporations capable of issuing high-volume debt (often €500 million or more) while maintaining market confidence.
2. **Industry and Capital Intensity**: The company operates in the infrastructure sector (indicated by multiple "Investments In Infrastructure Projects" line items), which is highly capital-intensive. Infrastructure companies are prime candidates for hybrid bonds because these instruments receive partial equity credit from credit rating agencies. This helps them fund massive, long-term projects while protecting their credit ratings and without diluting existing shareholders.
3. **Cash Flow and Liquidity**: The firm demonstrates strong liquidity with €5.13 billion in cash and cash equivalents. Furthermore, it generated robust and positive operating cash flows of €1.00 billion during the year. This steady cash generation is essential for reliably servicing the coupon payments characteristic of hybrid instruments.
4. **Profitability**: Ferrovial reported a positive net profit of €302 million and a gross profit of €728 million, reaffirming its underlying operational viability. 
5. **Leverage**: With total equity of €6.35 billion and substantial noncurrent borrowing, leveraging hybrid bonds makes strategic sense to optimize its weighted average cost of capital (WACC) and manage its debt-to-equity profile effectively.

Given its massive scale, steady cash-generating infrastructure operations, robust liquidity, and capital-intensive business model, Ferrovial aligns perfectly with the typical profile of a successful hybrid bond issuer.

<answer>Strongly Suitable</answer>