To assess the suitability of Fortum Oyj for the issuance of hybrid bonds based on its 2022 annual report, we consider the following:

**1. Business Risk and Sector:** Fortum is a major energy company (utility). While it has transitioned significantly due to the divestment of Uniper, it remains an energy infrastructure entity. Utility companies are generally considered suitable for hybrid capital instruments to manage leverage while maintaining investment-grade credit profiles.

**2. Financial Performance and Leverage:** The 2022 results show significant volatility and a substantial loss, largely driven by the discontinued operations related to Uniper (-11.3 billion EUR) and associated impacts. Profitability measures are severely distorted by these events. While the company's "Comparable Operating Profit" remained positive (1.87 billion EUR), the net loss attributable to the owners of the parent was -2.4 billion EUR. Furthermore, the company experienced a massive cash outflow from operating activities (-8.7 billion EUR in 2022 compared to 4.9 billion EUR in 2021).

**3. Strategic Rationale:** The company's balance sheet underwent extreme stress in 2022. The significant reduction in equity (from 13.6 billion EUR in 2022 to 7.7 billion EUR in 2023) and the high volatility inherent in the energy sector during that period indicate a need for capital structure optimization. A hybrid bond would serve as an effective instrument to bolster the capital base and preserve rating headroom without diluting existing shareholders, which aligns with the "Strongly Suitable" criteria of deteriorating financial metrics and the need to preserve/improve rating headroom.

**4. Market Context:** The company operates in a capital-intensive sector. Given the current interest rate environment (as indicated by the rising swap curves) and the need for fiscal discipline following the Uniper crisis, hybrid capital provides a strategic tool to manage leverage ratios while maintaining the flexibility to pursue investment or deleveraging goals.

**Conclusion:** Fortum fits the profile of a utility/energy infrastructure provider needing to manage its credit profile following a period of extreme financial stress. Issuing hybrid capital would be a proactive measure to support its credit rating and maintain financial flexibility in a volatile commodity-linked industry.

<answer>Strongly Suitable</answer>