To assess the suitability of Fortum Oyj for the issuance of hybrid bonds, we evaluate the provided financial data and industry context:

1.  **Business Profile:** Fortum is a major European energy company with a significant focus on power generation (nuclear, hydro, and renewables). While it has utility-like characteristics, its performance is heavily influenced by energy markets, hedging, and the recent massive restructuring (specifically the divestment of Uniper, which resulted in significant losses from discontinued operations). This creates a profile more akin to a partially regulated energy player rather than a pure-play, stable regulated utility.
2.  **Financial Metrics:**
    *   **Leverage:** The 2022 S&P Net Debt/EBITDA ratio of 1.84x is relatively healthy, indicating that the company is not in a state of distress or extreme over-leverage that would necessitate a "rescue" hybrid.
    *   **Trend:** Moody’s reported an improving leverage trend for 2022. Improving metrics generally point toward a company that does not require the equity-content support of a hybrid bond to protect its rating, which aligns with the "Not Suitable" guideline regarding stable or improving metrics.
    *   **Cash Flow:** While 2022 was volatile due to the discontinued operations (Uniper), the core business retains significant scale and market access. 
3.  **Hybrid History:** The data explicitly states that Fortum has *never* issued hybrid bonds. Per the provided guidelines, the absence of a history of hybrid issuance is a strong signal that an entity is either "Not Suitable" or at best "Marginally Suitable." 
4.  **Strategic Rationale:** With an improving leverage trend and moderate debt metrics, the issuance of a hybrid bond would likely be viewed by the market as expensive subordinated debt rather than a necessary structural tool to preserve an investment-grade rating. There is no clear distress or immediate large-scale M&A trigger provided that would make this a core funding requirement.

Given the combination of an improving financial trajectory, the lack of prior hybrid issuance, and the absence of a compelling rating-preservation rationale, the entity does not fit the "Strongly Suitable" criteria.

<answer>Not Suitable</answer>