The company’s balance sheet shows a solid equity base (around 33 % of total assets) and a large amount of senior debt that provides the bulk of its financing. Cash flow from operations is strong (≈ €1.6 bn) and interest coverage is comfortable, indicating that the firm can service its existing debt without difficulty. Although hybrid bonds can give rating agencies equity‑credit and improve leverage ratios, they typically carry a higher coupon than senior debt and would raise the firm’s overall financing cost. Redeia already uses quasi‑equity instruments such as government grants (≈ €0.75 bn) and has sufficient equity to maintain its credit rating. Given the manageable leverage, good cash generation and the availability of cheaper senior debt and equity, there is no compelling need to introduce hybrid financing. Consequently, the capital structure should remain essentially free of hybrid bonds.

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