To assess Ferrovial S.A.'s suitability for the issuance of hybrid bonds, we evaluate the company's business profile and financial position based on the provided data and S&P methodology.

**1. Business Risk Profile:**
Ferrovial is a leading infrastructure operator, heavily focused on toll roads (Investments in Infrastructure Projects: 13,667 million EUR) and airports. The company’s business model is characterized by long-term concessions and infrastructure projects, which provide the highly visible, long-term cash flows typical of the "Transportation Infrastructure" sector. Under the S&P criteria, this sector is generally suitable for hybrid capital, as it involves long-term asset bases that can benefit from the equity-like features of hybrid instruments to support capital-intensive investments.

**2. Financial Risk Profile:**
*   **Leverage and Debt:** Ferrovial carries significant debt related to its infrastructure projects. The "Noncurrent Debt Securities and Bank Borrowings of Infrastructure Projects" amounted to 7,893 million EUR in 2022, plus additional non-infrastructure borrowings of 2,883 million EUR.
*   **Financial Performance:** While the company demonstrates solid operating cash flows (1,002 million EUR in 2022), it also faces significant capital expenditure requirements to maintain and develop its infrastructure assets.
*   **Rationale for Hybrid Issuance:** The company has a clear need for long-term capital to fund ongoing infrastructure development. Issuing hybrid bonds would allow Ferrovial to finance these capital-intensive projects while potentially improving its adjusted leverage ratios and maintaining its rating headroom. Hybrid capital is well-suited for such firms to preserve their investment-grade profile without diluting existing equity.

**3. Alignment with Guidelines:**
*   Ferrovial falls under the "Infrastructure" category, which is explicitly noted as a suitable sector for hybrid issuance.
*   The company is not an "A or better" rated issuer with excess headroom; rather, it operates in a capital-intensive sector where maintaining leverage metrics is a constant focus.
*   The use of proceeds for infrastructure projects is a core, strategic use of capital, matching the "Strongly Suitable" criteria.
*   The company has an established record and high credibility in institutional capital markets.

Given that Ferrovial’s business model generates stable, predictable long-term cash flows, has high capital expenditure requirements, and could benefit from the structural subordination and equity-like treatment of hybrid bonds to manage leverage, it is strongly suited for this type of financing.

<answer>Strongly Suitable</answer>