To assess Ferrovial S.A.'s suitability for the issuance of hybrid bonds, we evaluate its business profile and financial position against the provided guidelines.

**1. Business Profile:**
Ferrovial is a leading infrastructure operator, with core businesses in toll roads and airports. This business model is highly infrastructure-focused, typically characterized by stable, long-term, and visible cash flows, which align well with the "Strongly Suitable" category for hybrid issuers. The sector requires heavy, long-term capital investment, which often necessitates diversified funding structures including subordinated capital to support leverage.

**2. Financial and Operational Context:**
*   **Use of Proceeds/Funding Rationale:** Ferrovial has significant investments in infrastructure projects (e.g., "Investments In Infrastructure Projects" increased from 11.185 billion EUR in 2022 to 13.667 billion EUR in 2023). Given the capital-intensive nature of these projects, hybrid bonds are a logical instrument to fund long-term development while providing rating headroom.
*   **Hybrid History:** The provided data indicates that Ferrovial has not issued hybrid bonds in 2021 or 2022, and the "First year of hybrid bond issuance" is listed as "stopped." Per the guidance, not having issued hybrid bonds recently is a strong signal that an entity might be "Not Suitable" or, at most, "Marginally Suitable."
*   **Financial Metrics:** Ferrovial's equity base is substantial (6.354 billion EUR as of year-end 2022), and it maintains a strong liquidity position (5.13 billion EUR in cash and cash equivalents). Its financial performance shows growth in operating income, and while the company is capital-intensive, it does not appear to be in a distressed state that would necessitate hybrid issuance for survival. 
*   **Suitability Assessment:** While Ferrovial's infrastructure-heavy business model makes it a candidate for hybrid capital in theory (as it benefits from long-term, utility-like cash flows), the fact that it has stopped using this instrument and maintains a generally healthy capital structure suggests that a new issuance would be purely opportunistic rather than a core, recurring funding necessity. The absence of a recent issuance history and the lack of an immediate, critical need to preserve credit ratings (as it is not currently facing a rating cliff) shifts the assessment towards a more cautious view.

Given the infrastructure-heavy profile but the lack of recent hybrid issuance history and no clear immediate rating stress, the company is best categorized as Marginally Suitable.

<answer>Marginally Suitable</answer>