Hybrid bonds are instruments that mix debt and equity characteristics, often used to optimize capital structure by improving leverage without immediate cash interest burdens or by satisfying regulatory/AAA requirements. VERBUND AG, as an electric utility in Austria, exhibits large-scale funding and a significant shift in earnings and cash flows between 2021-2022, with substantial financing activities, increased interest expense, derivatives, and comprehensive income components. However, the data provided shows mostly traditional debt and equity figures, with no explicit mention of hybrid instruments or high reliance on non-debt capital like hybrid bonds. The company’s equity decreased from 6.36b to 8.32b by 2023 and long-term liabilities rose, indicating a sizable but not extraordinary reliance on debt. Given typical sector practice, utilities may use hybrid bonds sparingly to optimize cost of capital and maintain credit ratings, but there is no clear indication VERBUND is pursuing heavy hybrid issuance. Therefore, a moderate use is plausible but not aggressive. I would estimate around 25% to reflect a cautious, prudent use of hybrids to balance cost and balance sheet stability. Final answer: 25%
<answer>25%</answer>