The company shows solid cash generation (operating cash flow ≈ €1.3 bn) and a high interest coverage ratio (EBITDA/interest ≈ 12×, EBIT/interest ≈ 5.5×). Net debt/EBITDA is a moderate 2.9× and liquidity (cash ≈ €2.6 bn) provides a cushion. However, gross leverage (debt/EBITDA ≈ 4.6×) and a relatively low equity ratio (≈ 21 % of total assets) together with a decline in net profit (from €504 m to €401 m) suggest a tighter buffer than required for a strong‑grade hybrid issuance. The regulated‑utility nature supports hybrid issuance, but the elevated leverage and modest equity base place the company in the “marginally suitable” range.  

<answer>Marginally Suitable</answer>