Hybrid bonds are typically used to optimize cost of capital and provide loss-absorbing capacity, but they come with higher complexity, potential dividends for equity-like features, and can dilute earnings if treated as equity. From the data, Italgas S.p.A. shows large amounts of long-term and current liabilities, with substantial noncurrent financial liabilities and a significant equity base. The notes reveal a mix of debt including long-term financial liabilities and some related-party items, but no explicit listing of hybrid instruments (e.g., contingent convertible bonds or subordinated perpetuals). Given this, and considering a preference for lower financial risk in a regulated utility with stable cash flows, Italgas would likely rely primarily on traditional senior debt and equity, with hybrids used sparingly if at all. Therefore, a modest allocation to hybrids seems prudent, not zero risk. I would estimate around 25% of capital structure in hybrid bonds. Final answer: 25%