Terna S.p.A. has already issued Equity Instruments Perpetual Hybrid Bonds with substantial amount (around 989,000,000 EUR) recorded in equity attributable to owners of parent and related classifications. This indicates the company has actively used perpetual hybrid instruments and manages reserves accordingly. From financials, Terna shows strong profitability (Profit Loss Attributable To Owners Of Parent 857,000,000 EUR in 2022), solid liquidity (Cash and cash equivalents 2.1551 billion EUR, current assets and liabilities manage), and a sizable equity base (Equity Attributable To Owners Of Parent 6.142 billion EUR). The presence of a positive cash flow and maintained leverage signals support for further hybrid issuance as a method to optimize capital structure without affecting debt covenants adversely. Given prior issuance and established practice, combined with a robust financial position and positive earnings, the company appears well-positioned to issue additional hybrid bonds. Therefore, the assessment is Strongly Suitable. Strongly Suitable