Hybrid bonds are not evident in the provided liabilities data; the company shows noncurrent financial liabilities including long-term borrowings and derivative hedges, but no specific labeling or large volumes of hybrid instruments (e.g., convertible bonds, preferred shares with equity-like features). The financing section lists Proceeds From Borrowings, Repayments, and Other Changes, with overall financing activity positive in 2022-2023, and total liabilities rising. Given a typical utility group like A2A Energia S.p.A. would rely primarily on traditional debt (bank borrowings, bonds) and equity, with hybrids only as a minority if at all. Without explicit hybrid issuances or a material share of hybrid instruments in equity/liabilities, recommending a high reliance on hybrids would be speculative and potentially risky. Therefore, a prudent stance is to rely minimally on hybrid instruments.

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