Bouygues appears to have a meaningful but not extreme need for equity-credit capital.

Key considerations:

- Leverage increased sharply in 2022: net debt rose from €0.94bn to €7.44bn, mainly reflecting acquisition-related investment outflows. This weakens the balance sheet and makes hybrid capital potentially useful.
- Equity remains substantial: total equity was €13.93bn versus net debt of €7.44bn, so the company is not over-levered to the point where it should maximize hybrids.
- Cash generation is positive: operating cash flow was €2.98bn, although down from €3.58bn, and recurring operating profit improved to €1.96bn. This supports debt capacity without needing the full S&P hybrid allowance.
- Interest-rate conditions deteriorated significantly in 2022: 5Y–10Y swap rates rose to around 1.7%–1.9%, and hybrid/subordinated spreads were meaningfully higher than senior IG levels. This makes hybrids more expensive than in prior years.
- Hybrid bonds can help preserve rating metrics after the acquisition-driven increase in debt, but excessive use would raise financing cost and could signal balance-sheet pressure.
- Relative to S&P’s cap of 15% of adjusted capital, a moderate-to-high utilization is appropriate: enough to support credit metrics, but not the full cap.

Therefore, the best choice is 75% of the S&P hybrid equity-credit cap.

<answer>75%</answer>