To determine whether FERROVIAL SA is suitable to issue hybrid bonds, we evaluate its financial position, size, capital structure, and cash flow stability based on the provided 2022 annual report data:

1. **Size and Scale:**
   - **Total Assets:** €26.28 billion (up from €24.88 billion in 2021).
   - **Revenue:** €7.55 billion (up from €6.91 billion in 2021).
   FERROVIAL SA is a massive, multinational corporation. Companies of this scale generally have straightforward access to capital markets and are well-positioned to issue complex instruments like hybrid bonds.

2. **Capital Structure and Debt Profile:**
   - **Total Equity:** €6.35 billion.
   - A critical distinction in Ferrovial’s capital structure is between its corporate debt and infrastructure project debt (which is typically non-recourse). 
   - **Corporate Debt (Excluding Infrastructure):** Noncurrent (€2.88 billion) + Current (€0.80 billion) = €3.68 billion.
   - **Corporate Cash & Equivalents (Excluding Infrastructure):** €4.96 billion.
   This means at the corporate holding level, Ferrovial actually has a **net cash position** of approximately €1.28 billion. The bulk of its liabilities are tied up in non-recourse infrastructure projects (€7.89 billion noncurrent + €0.07 billion current). 

3. **Cash Flow and Profitability:**
   - **Cash Flows from Operating Activities:** €1.00 billion.
   - **Profit/Loss:** €302 million (with a Profit From Operating Activities of €423 million). 
   Despite the heavily capital-intensive nature of the infrastructure sector, the company is generating significant and steady operational cash flows, easily covering its corporate debt obligations and interest expenses (€329 million total interest paid).

**Conclusion:**
FERROVIAL SA is a large, highly liquid, cash-flow generative infrastructure operator with a robust corporate balance sheet (a net cash position at the parent level). Companies with these investment-grade characteristics frequently use hybrid bonds to fund massive, long-term capital projects while safeguarding their senior credit ratings. The combination of scale, resilient operating cash flow, and low corporate leverage makes it an exceptional candidate. 

<answer>Strongly Suitable</answer>