EDF appears to be facing substantial leverage pressures and high capex, with a large asset base and significant noncurrent liabilities. Although the 2022 results show heavy losses and negative equity attributable to owners of the parent, EDF benefits from state ownership and regulated framework, but rating sensitivity remains to leverage and funding of large capex programs. Given the guidelines, EDF likely has moderate to high refinancing/capex needs, with some need to bolster credit metrics and preserve rating.

- Starting point: hybrid issuance would add to equity credit and improve adjusted leverage modestly. There is already some hybrid activity (Proceeds From Issue Of Subordinated Liabilities And Convertible Instruments in 2022/2021) and payments to perpetual subordinated bonds, suggesting hybrids are part of funding mix but not dominant. The 15% cap implies room but not excessive.

- Considering 2022 heavy net losses and large long-term liabilities (NCL, nuclear decommissioning provisions), capital structure is strained. Hybrid issuance could help stabilize leverage trajectory, with cost of hybrid roughly in line with debt cost per guideline.

- Market context: 2022 swap curves indicate higher rates; however, for EDF as a regulated utility with potential regulatory support, hybrids could be acceptable.

Recommendation: 11.25% or 15%? The guideline says high capex intensity and transformational program would justify 11.25-15%. EDF’s needs are large, given energy transition and nuclear back-end liabilities; but 15% might be too aggressive given rating constraints and the fact equity is negative in continuing operations. Also "cap" is 15%, but current starting point unknown; they say consider existing outstanding hybrids. If there are some outstanding hybrids, additional 15% might be borderline. Likely 11.25% is a prudent step: meaningful leverage improvement, not extreme dilution, and aligns with substantial capex and refinancing needs.

Thus final: 11.25%. 

<answer>11.25%</answer>