To assess the suitability of FERROVIAL SA for the issuance of hybrid bonds, we can analyze the company's financial data, capital structure, and business profile based on the provided 2022 fiscal year facts.

1. **Liquidity and Leverage Profile**: 
Ferrovial exhibits an exceptionally strong balance sheet and liquidity position. As of the end of 2022, its cash and cash equivalents excluding infrastructure projects stood at a massive EUR 4.96 billion. In comparison, its noncurrent and current debt excluding infrastructure projects totaled approximately EUR 3.68 billion (EUR 2.88 billion + EUR 0.80 billion). This translates to a net cash position of about EUR 1.28 billion at the corporate holding level. Because the vast majority of its remaining debt is non-recourse project financing, Ferrovial’s standalone corporate leverage is virtually non-existent.

2. **Refinancing Needs & Use of Proceeds**: 
The balance sheet shows EUR 508 million in "Other Equity Securities," which corresponds to a perpetual subordinated (hybrid) bond previously issued by the company. While this existing hybrid may be approaching its first call date, Ferrovial's massive cash buffer means that it absolutely does not *require* refinancing through the issuance of a new hybrid bond. It possesses more than enough available liquidity to redeem the instrument outright in cash. Consequently, there is "limited refinancing need or no clear use of proceeds" for a new, comparatively expensive subordinated debt instrument. 

3. **Financial Metrics and Policy**: 
Given its net-cash corporate profile and highly visible cash flow derived from infrastructure assets (toll roads and airports), the company has stable to improving financial metrics and a strong Investment Grade-like standalone profile. A hybrid issuance would provide no meaningful rating, WACC, or leverage benefit.

4. **Recent Issuance Activity**: 
The dataset specifically states that Ferrovial did not issue hybrid bonds in 2021 or 2022. As per the guidelines, an entity not having issued hybrid bonds recently—combined with a lack of refinancing necessity—is a strong signal that it is not a suitable candidate for near-term issuance. 

Taking into account the company's robust net cash position, the absence of refinancing pressure, and no compelling rationale to pay higher yields for equity-like capital, Ferrovial fits the criteria for being structurally unsuited for a hybrid bond issuance at this time.

<answer>Not Suitable</answer>