Fortum Oyj is a large utility/energy infrastructure company with regulated components and significant non-regulated exposure. The 2022 IFRS results show substantial discretionary items (discontinued operations, large impairment reversals, and significant negative comprehensive income largely from discontinued operations), but core continuing operations show solid revenue base and improving leverage indicators (S&P Net Debt/EBITDA 1.84; Moody’s adjusted leverage improving; FFO/debt around 0.456). The company is regulated/utility-like in nature, with high visibility of cash flows from regulated activities and substantial scale. Fortum has not issued hybrid bonds previously (no prior hybrids), which counts against suitability under the guideline that lack of prior issues is a strong signal of Not Suitable or at best Marginally Suitable. Also, the Hybrid instrument is typically used to improve leverage headroom; given Fortum already has investment-grade-like metrics and a solid funding base, the incremental benefit of a hybrid may be moderate. The market context (swap curves and IG indices) suggests reasonable cost of hybrid could be acceptable, but not guaranteed to drive rating headroom significantly.

Overall assessment:
- Business risk: Regulated/utility-like with stable cash flows; regulatory framework support.
- Financial risk: IG profile with leverage improving; FFO/debt moderate; no urgent funding gap evident; hybrid could help headroom but not essential.
- Prior issuance: No hybrids issued before; that argues against Strongly Suitable, leaning toward Marginally Suitable.

Conclusion: Marginally Suitable. 
<answer>Marginally Suitable</answer>