Let’s go through the key points step by step.

**1. Equity base and leverage**  
- Total equity rose from €5,829M to €6,354M, with equity attributable to the parent at €4,113M.  
- Non-current borrowings are high (€10,776M), but a large share is linked to infrastructure project financing, which is typical for concession-based businesses and often non-recourse.  
- Overall, debt is significant but backed by long-term infrastructure assets.

**2. Profitability and coverage**  
- Revenue increased to €7,551M from €6,910M.  
- Operating profit before impairments and disposals improved from €340M to €429M.  
- Interest costs are substantial (€320M finance cost), but there is positive cash flow from operations (€1,002M in 2022).  
- The company has stable profitability, though net income attributable to the parent dropped sharply to €186M from €1,198M (prior year included large fair value gains).

**3. Cash flow and liquidity**  
- Operating cash flow improved year-over-year.  
- Cash and equivalents remain high at €5,130M, providing liquidity.  
- Free cash flow before financing activities is positive (€270M).

**4. Suitability for hybrid bonds**  
Hybrid bonds typically require:  
- Solid, recurrent cash flows to support ongoing coupon payments.  
- An equity cushion to absorb potential losses and avoid a forced deferral.  
- Moderate leverage at the issuer level.

Ferrovial has:  
- Predictable infrastructure cash flows.  
- Strong cash reserves.  
- A solid equity base relative to the operating profile.  
- However, net income volatility and high overall debt could make it only marginally suitable rather than strongly suitable if we consider cyclical or regulatory risks.

Given these factors, the company is likely **Marginally Suitable**—good enough fundamentals, but with leverage and earnings variability preventing a "strong" rating.

<answer>Marginally Suitable</answer>