Fortum is a regulated utility/energy infrastructure group with significant scale and exposure to regulated cash flows, but 2022 results show substantial impairment from discontinued operations and large negative comprehensive income, with a heavy noncurrent liabilities load and sizable cash outflows from financing activities. Key points:

- Business model: Fortum operates in regulated/part-regulated segments (Finnish/Scandinavian power markets) and has substantial asset base including nuclear, energy, and waste funds; this aligns with regulatory advantage and stable cash flows typical for hybrids in infrastructure-like utilities.
- Cash flow visibility: 2022 shows a mixed picture: profit declined sharply due to discontinued operations losses, but operating cash flow presence exists; however, large capex/financing needs and a major swing in earnings and comprehensive income raise cash flow volatility concerns.
- Leverage/headroom: Balance sheet shows high liabilities and long-dated negative equity in some lines; equity decreased from 13.665bn to 7.677bn (intriguing due to heavy effects of discontinued operations). This indicates potential leverage headroom concerns but still possibly investment-grade range if regulators stabilize; need to look at FFO/debt not provided, but large negative comprehensive income and impairment reduce stability.
- Market conditions: Swap curves and credit markets show rising rates in 2022, affecting funding costs; but for regulated utilities, hybrids can be used to improve leverage if there is rating headroom.
- Use of proceeds: Not explicit, but hybrids typically used for refinancing or capex funding; Fortum had significant debt repayments in 2022 (Repayments of non-current borrowings and financing activities) and proceeds from noncurrent borrowings; could benefit from hybrid to optimize capital structure.

Given these, the issuer is not clearly distressed but has notable volatility and substantial noncore items; however, its core business is regulated with visible cash flows. The description guidelines suggest: Strongly Suitable if regulated, investment-grade, clear use to improve leverage; Marginally Suitable if moderate visibility and opportunistic use; Not Suitable if highly cyclical or weak profile.

Fortum appears more aligned with Marginally Suitable: adequate cash flow visibility from regulated operations, but the year 2022 shows episodic large losses from discontinued operations and heavy impairment; rating headroom may be constrained; hybrid issuance could be opportunistic for refinancing or funding but not a core instrument; pricing may be sensitive due to volatility and the transformation issues.

Final: Marginally Suitable

<answer>Marginally Suitable</answer>