Ferrovial appears to be a plausible but not unequivocally strong candidate for issuing hybrid bonds.

Key considerations:

- **Scale and market access:** The company is large, with total assets of about EUR 26.3bn and revenue of EUR 7.6bn in 2022. This size generally supports access to institutional hybrid capital markets.

- **Existing capital structure:** Ferrovial already has **“Other Equity Securities”** of around EUR 508m at year-end 2022, and the equity statement refers to **perpetual subordinated bonds**, suggesting it has experience with hybrid-like instruments. This is positive for suitability.

- **Equity base:** Total equity was EUR 6.35bn, up from EUR 5.83bn, giving an equity/assets ratio of roughly 24%. Equity attributable to the parent was EUR 4.11bn. This is reasonable, though not especially conservative given the infrastructure leverage.

- **Leverage:** Total liabilities were about EUR 19.9bn versus equity of EUR 6.35bn, implying liabilities/equity of roughly 3.1x. Borrowings are significant, especially infrastructure-project debt. Hybrid bonds could help strengthen reported capital structure, but the leverage level also means credit quality and rating treatment would be important.

- **Profitability:** 2022 net profit was positive at EUR 302m, but down sharply from EUR 1.34bn in 2021, which benefited from large fair value/disposal gains. Profit attributable to owners was EUR 186m. Recurring profitability is positive but not very high relative to balance sheet size.

- **Cash flow:** Operating cash flow was solid at EUR 1.0bn, and cash and equivalents were substantial at EUR 5.13bn. However, investing activities were negative and shareholder remuneration was material. Liquidity appears supportive.

- **Sector profile:** Infrastructure and concessions businesses often have long-duration assets and predictable cash flows, which can support hybrid issuance. However, Ferrovial’s construction and project-finance exposure adds complexity.

Overall, Ferrovial has the scale, liquidity, infrastructure asset base, and prior hybrid/perpetual capital experience that support hybrid bond issuance. However, leverage is meaningful and earnings are somewhat volatile due to disposals/fair-value effects, so the case is not unequivocally “strong.”

<answer>Marginally Suitable</answer>