Ferrovial has a sizeable and capital-intensive infrastructure profile, where long-duration assets can support long-duration financing. It also already uses hybrid/perpetual subordinated instruments: “Other Equity Securities” were about €508m at 2022 year-end, showing that hybrid bonds are part of the capital structure.

However, the company should not rely heavily on hybrids:

- **Leverage is already meaningful**: total liabilities were about €18.5bn against €6.35bn equity, and borrowings are substantial, especially infrastructure project debt.
- **Interest rates rose sharply in 2022**: 5Y–10Y swap rates moved from near-zero/negative levels in 2021 to around 1.7%–1.9% in 2022, making new long-dated or hybrid issuance much more expensive.
- **Hybrid/subordinated spreads are higher than senior debt**: the subordinated/non-financial IG proxy is around 2.3% in 2022 versus around 1.1% for core euro corporate bonds, implying a notable cost premium.
- **Profitability is positive but not strong enough to justify high hybrid dependence**: 2022 profit attributable to owners was €186m, while finance costs were significant.
- **Equity credit benefit is useful**, but hybrids are still debt-like economically and can pressure cash flows through coupons.

Given these factors, hybrids can play a **supporting role** to preserve credit metrics and diversify funding, but should remain a minority component rather than a dominant source of capital. A moderate-low reliance is most appropriate.

<answer>25%</answer>