Based on the provided financial data, EDF experienced a severe deterioration in its profitability and cash generation in fiscal year 2022:

* **Revenue** grew to €143.5 bn (from €84.5 bn), but operating expenses – especially fuel and transmission costs – surged to €121 bn, causing **operating profit before depreciation and amortisation (EBE)** to turn negative at –€5 bn (vs +€18 bn in 2021).  
* **Net profit** fell to –€18.2 bn (vs +€4.8 bn), and **operating cash flow** was –€7.4 bn (vs +€12.6 bn).  
* **Equity** shrank from €62 bn to €46.6 bn, while total financial liabilities rose to roughly €143 bn (non‑current + current financial liabilities). The **equity‑to‑assets ratio** is only about 12 %, indicating a very thin equity cushion.  
* **Interest coverage** (EBITDA/interest expense) is negative because EBITDA itself is negative, and net finance costs are –€3.6 bn.  

These metrics point to a highly leveraged utility with negative operating profitability and cash flow, a thin equity buffer, and weak interest coverage – all of which are red flags for issuing sub‑ordinated hybrid bonds that would rank even lower than existing debt. While EDF benefits from state ownership, the current financial distress makes it difficult to demonstrate the credit quality typically required for hybrid financing.

**Conclusion:** The company’s current financial health and cash‑generation ability do not meet the typical prerequisites for issuing hybrid bonds.

<answer>Not Suitable</answer>