Based on the provided data, here is the reasoning for the recommended hybrid bond issuance for Ferrovial SA.

**1. Analysis of the Business Profile and Industry Methodology**
Ferrovial SA is a transportation infrastructure company, with its primary assets being in "Investments In Infrastructure Projects" (€13.7 billion as of Jan 1, 2023), largely accounted for under the intangible asset model. The appropriate S&P methodology is **Transportation Infrastructure**.

*   **Competitive Advantage:** The data shows massive investments in infrastructure projects, significant goodwill, and a portfolio of assets in projects. The business description aligns with a company that manages concessions. The "Other data points" indicate no major red flags, suggesting a solid business risk profile consistent with the industry.
*   **Industry Volatility Tables:** For transportation infrastructure, the low volatility table applies if >2/3 of cash flow is from predictable activities with a strong competitive position and low CICRA. Ferrovial's mature, diversified portfolio of essential infrastructure assets strongly positions it for this favorable treatment.

**2. Financial Profile Analysis**
*   **Leverage:** Total adjusted capital is Equity + Adjusted Debt. As of Jan 1, 2023, Equity is €6.354B. Debt includes non-current and current borrowings. The non-current infrastructure project debt (€7.893B) is often ring-fenced. Excluding infrastructure project debt, the corporate-level debt is €2.883B non-current + €0.803B current = €3.686B. The equity attributable to the parent is €4.113B. This indicates a moderately leveraged balance sheet at the corporate level, but with substantial project-level debt.
*   **Profitability and Cash Flow:** Revenue grew from €6.91B in 2021 to €7.551B in 2022. Profit from operations increased from €0.34B to €0.429B. Cash flow from operations was strong at €1.002B in 2022, up from €0.81B in 2021. Dividends received from infrastructure projects and associates were €284M.
*   **Funding Needs:** Investing activities used €732M in 2022, including €784M in infrastructure projects and €347M in associates. Financing activities show net debt repayment and significant shareholder returns (€578M). The business generates substantial free cash flow, but has an active capex and investment cycle.
*   **Credit Metrics:** While exact S&P ratios are stated as "not available", the strong FFO generation (Cash Ops before working cap changes) relative to net debt (excluding project-level debt) suggests solid credit metrics. The business is capital-intensive but cash-generative. The "Bearer/Bull" case of market data for 2022 shows a rising rate environment (5Y swap averaging 1.726%), increasing the cost of debt.

**3. Assessment Against Hybrid Issuance Guidelines**
*   **Current/Previous Issuance:** The provided data explicitly states: "Issued hybrid bonds in 2021 or 2022: no", "First year of hybrid bond issuance: stopped", and that no previous hybrid issuance is a "strong indicator of a reasonably advisable level for the next 18 months." This is a critical, overriding factor.
*   **Refinancing/Capex Needs:** Ferrovial has moderate funding needs for organic growth and infrastructure investments, which are largely self-funded by operational cash flow and project-level financing. There is no evidence of "very high refinancing needs" or a "transformational capex/M&A program" that would necessitate a drastic capital structure change like a 15% issuance.
*   **Rating and Leverage:** There is no indication of "material downgrade risk" or "significant leverage pressure." The company increased equity through comprehensive income (€889M) and issued equity to non-controlling interests (€356M). The leverage situation appears manageable, and the company returned substantial capital to shareholders (€578M), a sign of financial strength, not distress.
*   **Cost of Debt:** With a rising swap curve and the delta for subordinated bonds, the cost of a new hybrid would be a material increase over existing senior debt costs. For a company that stopped its hybrid program, the cost would likely not be justified without a specific, urgent use of proceeds that cannot be funded otherwise.

**Conclusion**
The fact that Ferrovial has stopped issuing hybrid bonds and did not issue them in the period is the strongest signal. The company's financial profile shows strong operational cash flow generation and no signs of imminent credit metric deterioration that would require the equity credit of a hybrid bond to preserve a rating. The company is actively managing its capital structure through other means (equity issuance, shareholder returns) without resorting to hybrids. Moderate funding needs are met organically. The cost of a new hybrid issuance would be a clear increase and is not warranted.

Given these factors, the issuance of hybrid bonds should not be advised at this time.

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