**Reasoning**

1. **Profitability** – EBITDA of €3.16 bn (≈30.5 % of revenue) and EBIT of ≈€2.6 bn (≈25 % of revenue) indicate very strong operating performance. Net profit of €1.95 bn (≈18.8 % of revenue) and return on equity of ≈31 % further confirm high profitability.

2. **Cash‑flow generation** – Operating cash flow of €2.02 bn comfortably exceeds interest expense (€0.10 bn) and dividend payments (≈€0.36 bn). Interest coverage (EBIT / interest) ≈ 25× and operating‑cash‑to‑interest ≈ 20×, showing excellent debt‑service capacity.

3. **Leverage** – Total financial debt ≈ €3.30 bn, net debt (debt minus cash) ≈ €2.98 bn. Net‑debt/EBITDA ≈ 0.94 and debt/EBITDA ≈ 1.04, both well below typical thresholds for hybrid issuance (≤ 3–4×). Equity‑to‑assets ratio ≈ 36.8 % (above the common 30‑35 % minimum for investment‑grade issuers).

4. **Business profile** – VERBUND operates regulated electricity‑grid and generation activities, providing stable, recurring cash flows that are favourable for hybrid instruments.

5. **Capital structure & credit quality** – The company’s strong equity base, low leverage, high cash‑flow coverage, and stable regulated revenue stream meet the typical credit‑quality and financial‑structure criteria required for hybrid‑bond issuance.

**Conclusion**  
All key financial indicators point to a robust credit profile and solid capacity to service hybrid‑bond obligations. The company satisfies the usual requirements (investment‑grade credit, low leverage, strong cash flow, adequate equity) and appears highly suitable for issuing hybrid bonds.

<answer>Strongly Suitable</answer>