Based on the provided financial data and S&P rating methodology considerations for the utility sector, here is an assessment of Fortum Oyj's suitability for issuing hybrid bonds:

**1. Sector Profile and Cash Flow Visibility:**
Fortum Oyj operates in the power and utility sector (regulated/unregulated power and gas). Typically, companies in this industry benefit from high cash flow visibility and often use hybrid bonds as a core component of their capital structure to defend their ratings during heavy capex or M&A cycles.

**2. Financial Metrics and Leverage Trend:**
Despite a very challenging 2022 marked by significant losses from discontinued operations (a net loss of over 11.3 billion EUR from discontinued operations, heavily dragging down overall profitability and shrinking equity), Fortum's credit metrics for its continuing operations remain robust. 
- The S&P Net Debt / EBITDA ratio stands at a healthy 1.84x.
- S&P FFO / Net Debt is very strong at roughly 45.6%.
- Furthermore, Moody's adjusted leverage trend for 2022 is reported as "Improving". 

**3. Historic Issuance and Hybrid Rationale:**
According to the data, Fortum Oyj has never issued hybrid bonds. The guidelines state that an entity not having issued hybrid bonds historically is a strong signal that it is Not Suitable or at most Marginally Suitable. Because the company's current core metrics (Net Debt/EBITDA and FFO/Net Debt) indicate a highly solid, investment-grade profile without the need for additional equity-like capital, and its leverage trend is actively improving, Fortum lacks the typical "balance sheet repair" or "rating defense" rationale that generally drives utility hybrid issuance. 

**Conclusion:**
While Fortum operates in a highly suitable sector for hybrids, its lack of historical hybrid issuance combined with robust, improving leverage metrics (Net Debt/EBITDA of 1.84x and FFO/Net debt of 45.6%) strips away the necessity for such an instrument. Therefore, the company does not present a compelling use case for a hybrid bond issuance under its current financial risk profile.

<answer>Not Suitable</answer>