Acciona SA appears **at most marginally suitable** for hybrid bond issuance.

Key considerations:

- **Business profile is infrastructure/energy-adjacent and partially utility-like.** Acciona has substantial capital-intensive infrastructure and energy assets, including renewable power-related assets. This gives it more cash-flow visibility than a purely cyclical industrial company, and the asset base is large: total assets were about **€22.6bn**, with PP&E of **€9.5bn** and noncurrent assets of **€14.4bn** at year-end 2022.

- **However, it is not a classic regulated utility.** The provided facts do not show that Acciona derives most cash flow from regulated networks with strong regulatory advantage. Its profile is closer to a diversified infrastructure, construction, concessions, and renewable energy group, with meaningful exposure to project execution, capex cycles, merchant or contract power risk, and infrastructure/construction activity. That supports cash-flow visibility, but not enough for a “Strongly Suitable” conclusion on the data provided.

- **Growth and profitability are positive.** Revenue rose strongly to **€11.2bn** from **€8.1bn**, operating profit increased to **€1.33bn** from **€829m**, and net profit attributable to the parent rose to **€441m** from **€332m**. Operating cash flow also improved materially to **€1.65bn** from **€574m**. These are supportive of market access.

- **Leverage and funding needs are relevant.** Debt-like items are significant: noncurrent negotiable debt/preferred securities of **€3.1bn**, noncurrent loans of **€2.6bn**, current negotiable debt of **€1.1bn**, current loans of **€553m**, and lease liabilities of about **€511m**. Capex/investment needs are also substantial: investing cash outflow was **€1.94bn**, including **€2.20bn** of purchases of PP&E/intangibles/investment property/other noncurrent assets. A hybrid could help support funding for growth capex while preserving rating headroom.

- **But free cash flow is negative after capex.** Operating cash flow of **€1.65bn** did not cover investing cash outflow of **€1.94bn**, before dividends of **€253m**. This provides a possible rationale for hybrid issuance, but also indicates that the instrument would be used mainly as balance-sheet support for a heavy investment program rather than as a clearly recurring, rating-preserving funding tool.

- **Equity base is solid.** Equity increased to **€6.3bn** from **€5.6bn**, and equity/assets is around **28%**. This is not a distressed profile. Cash and equivalents were also substantial at **€2.36bn**.

- **No recent or historical hybrid issuance is a major negative signal.** The company did **not** issue hybrids in 2021 or 2022 and has apparently **never** issued hybrid bonds. Per the guidance, this is a strong indication that the issuer is **Not Suitable or at most Marginally Suitable**, unless there is a compelling rating or refinancing reason. There is no existing hybrid approaching a first call date, so there is no refinancing driver.

- **No rating-metric evidence of deterioration is provided.** S&P net debt/EBITDA, S&P FFO/net debt, and Moody’s adjusted leverage trend are unavailable/NA. Without evidence that a hybrid is needed to preserve an investment-grade rating or materially improve agency-adjusted leverage, a “Strongly Suitable” conclusion is not warranted.

- **Market timing in 2022 was less attractive.** Euro swap rates rose sharply in 2022, and subordinated spreads increased. Hybrid issuance would likely have been more expensive than in 2020-2021, making the economic rationale more sensitive.

Overall, Acciona has the scale, capital-market credibility, infrastructure/energy exposure, and capex funding needs that could support a hybrid issuance. But the absence of any prior hybrid issuance, lack of explicit rating-metric pressure, improving earnings/cash flow, and the fact that the business is not predominantly regulated utility infrastructure make it **Marginally Suitable rather than Strongly Suitable**.

<answer>Marginally Suitable</answer>