Based on the provided data, here is the assessment of Bouygues SA’s suitability for issuing hybrid bonds.

### Reasoning

1.  **Entity Profile and Cash Flow Visibility:**
    Bouygues SA is a diversified industrial group with operations in construction (Bouygues Construction, Bouygues Immobilier, Colas), media (TF1), and telecoms (Bouygues Telecom). This is a conglomerate structure, not a pure-play regulated utility, transportation infrastructure, or telecom incumbent with highly visible, regulated cash flows. While Bouygues Telecom has some infrastructure-like characteristics, the group’s overall cash flow visibility is materially affected by the cyclical construction and media businesses. Revenue from contracts with customers is €44.3 billion, of which €20.2 billion is international, indicating significant exposure to global economic cycles and competitive markets. This profile aligns more with an "industrial" or "infrastructure-adjacent" issuer with only moderate cash flow visibility.

2.  **Credit Profile and Rating Headroom:**
    The provided metrics point to an investment-grade profile in the 'BBB' area, which is the target zone for hybrid suitability. The S&P Net Debt / EBITDA ratio for 2022 is 3.26x, and the FFO / Net Debt is 24.46%. These metrics are consistent with a solid 'BBB' rating. However, Moody's adjusted leverage trend is "Deteriorating," which could signal pressure on the rating.

3.  **Rationale for Hybrid Issuance:**
    The balance sheet shows a significant increase in net debt, from €941 million at the end of 2021 to €7,440 million at the end of 2022. This was primarily driven by €6,269 million in cash used for acquisitions (mergers and acquisitions [M&A]), most notably the acquisition of Equans. Long-term borrowings also nearly doubled, from €5.8 billion to €11.6 billion. This M&A-driven leveraging is a key rationale for hybrid issuance. A hybrid bond would inject equity-like capital, improve credit metrics, and provide rating headroom following the major acquisition. This fits the description of "Hybrid issuance could materially improve adjusted leverage, FFO/debt, or rating headroom" and "Hybrid issuance would be opportunistic, mainly for M&A."

4.  **Historical Issuance and Market Access:**
    The data explicitly states that Bouygues has "never" issued hybrid bonds and did not issue one in 2021 or 2022. The guideline notes that "[a]n entity not having issued hybrid bonds recently is a *strong* signal that it is Not Suitable, or at most Marginally Suitable." As a large, established French conglomerate, its market access is strong, but pricing for a debut perpetual subordinated instrument would be sensitive to the group's cyclical exposure and the "Deteriorating" leverage trend.

5.  **Synthesis against the suitability categories:**
    *   **Strongly Suitable:** Fails on the key tests of having highly visible, regulated/utility-like cash flows and a history of hybrid issuance. The group is too cyclical and diversified to be a "Strongly Suitable" candidate.
    *   **Marginally Suitable:** Meets the core characteristics of this category. It is an industrial issuer (partially owning a telecom network) with moderate cash flow visibility. The hybrid issuance would be opportunistic to repair the balance sheet after a large M&A transaction, avoiding an equity issuance or a ratings downgrade. The rating benefit is clear, and market access is likely but would be price-sensitive. The lack of any prior hybrid issuance is the strongest argument against "Strongly Suitable" and firmly places it in the "Marginally Suitable" category.
    *   **Not Suitable:** The company does not meet the disqualifying criteria. It is not highly cyclical (like an airline or pure commodity play), distressed, or in an LBO. It has a clear, material refinancing and M&A funding rationale. It is not a strong 'A' rated company with stable metrics. The "Deteriorating" metrics from Moody's and the sharp increase in net debt actually support the need for equity-like capital, making a hybrid issuance a logical, if not yet established, funding tool.

**Final Determination:** Marginally Suitable.

<answer>Marginally Suitable</answer>