To assess whether ØRSTED A/S is suitable to issue hybrid bonds, we evaluate its financial profile, ownership structure, and established history with hybrid instruments based on the provided annual report data:

1. **Proven Track Record with Hybrid Capital**: The company already has a highly active and established presence in the hybrid bond market. At the end of 2022, ØRSTED reported outstanding "Hybrid Capital" of 19.79 billion DKK (up from 17.98 billion DKK in 2021). Furthermore, the cash flow statements show it successfully issued new hybrid capital (3.69 billion DKK in 2022 and 7.33 billion DKK in 2021) while smoothly servicing existing hybrid debt through repurchases (1.95 billion DKK in 2022) and regular coupon payments (529 million DKK in 2022). 

2. **Large Scale and Profitability**: The company operates at a massive scale with strong top and bottom-line figures. Revenue in 2022 jumped to 132.28 billion DKK (from 77.67 billion DKK in 2021). Its EBITDA was robust at 32.06 billion DKK, and it posted a solid net profit of 15.00 billion DKK in 2022. This demonstrates ample operating cash generation necessary to cover both regular debt service and discretionary hybrid coupons.

3. **Asset Base and State Backing**: ØRSTED A/S features a vast asset base totaling 314.14 billion DKK and holds a total equity base of 95.53 billion DKK, granting it significant balance sheet strength. Furthermore, its ultimate parent entity is the Danish State (represented by the Danish Ministry of Finance). Sovereign backing greatly enhances creditworthiness, significantly lowering the perceived risk for subordinated debt investors. 

Because ØRSTED A/S already successfully utilizes hybrid bonds as a part of its capital structure, maintains strong profitability, and enjoys sovereign support, it is an optimal candidate for issuing hybrid capital.

<answer>Strongly Suitable</answer>