We calculate adjusted capital as debt plus equity. The company’s interest‑bearing liabilities (other non‑current and current financial liabilities plus margin liabilities) total about 8.1 billion EUR, while equity is about 7.7 billion EUR, giving adjusted capital of roughly 15.9 billion EUR. The S&P cap allows equity credit on hybrids up to 15 % of this amount, i.e., about 2.4 billion EUR. Currently the company has no hybrid bonds in its capital structure. Given its moderate leverage (net debt/EBITDA around 2.3), strong operating cash flows and ongoing asset‑divestment programme, there is no immediate need to issue hybrid securities. Therefore the company should not utilize any hybrid bonds relative to the cap.

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