**Reasoning**

To judge suitability for issuing hybrid bonds we examine credit‑quality indicators such as leverage, interest coverage, cash‑flow generation, and financial flexibility.

* **Leverage:** Net debt (financial liabilities less cash) is about 4.78 billion EUR. EBITDA (operating profit + depreciation/amortisation) is ≈ 1.16 billion EUR, giving a net‑debt/EBITDA ratio of ~4.1×. This is moderate‑high but within the range that many investment‑grade utilities maintain.

* **Interest coverage:** Operating profit of ~566 million EUR covers finance costs of ~112 million EUR about 5×, which is a comfortable margin for servicing hybrid coupons (which can be deferred).

* **Cash‑flow:** Operating cash flow is ~727 million EUR. After large capex (≈1.05 billion EUR) the company shows a negative free‑cash‑flow, yet it can raise new borrowings (proceeds ≈ 250 million EUR) and still generate modest positive financing cash flow. This indicates some ability to meet obligations, though liquidity is tight.

* **Equity base:** Equity is ~2.76 billion EUR against total assets of ~11.34 billion EUR (equity ratio ≈ 24 %). The equity buffer is relatively thin, typical for capital‑intensive utility firms, but it is growing.

* **Profitability:** Net profit fell from 352 million EUR (2021) to 311 million EUR (2022), and operating profit also decreased slightly. Nonetheless, the company remains profitable and continues to pay dividends (≈ 146 million EUR), suggesting it can service hybrid instruments that often carry deferrable coupons.

* **Rating & market access:** No explicit credit rating is provided, but the metrics (debt/EBITDA ~4×, interest coverage >5×, stable regulated revenues) are consistent with an investment‑grade profile that would allow hybrid‑bond issuance.

Overall, the firm shows adequate credit metrics and cash‑flow capacity for hybrid financing, but the high leverage, thin equity cushion, and negative free cash flow introduce risk. Consequently, the company appears borderline—capable of issuing hybrids but with notable constraints.

**Conclusion**

The assessment points to a borderline case: the company meets the basic credit‑quality thresholds for hybrid bonds but also exhibits elevated leverage and cash‑flow pressure. Therefore, it is **Marginally Suitable** for issuing hybrid bonds.

<answer>Marginally Suitable</answer>