**Assessment**

- **Business profile:** Terna operates the Italian electricity transmission network, an essential, regulated infrastructure service with highly predictable, tariff‑based cash flows. This matches the “Regulated, quasi‑regulated, infrastructure‑like, utility, energy infrastructure” profile that the guidance identifies as the most suitable for hybrid issuance.

- **Credit quality:** The company is investment‑grade (BBB area) with a track record of stable earnings and strong equity base (equity ≈ €6.2 bn in 2022). Its S&P Net‑Debt/EBITDA of 4.35 and FFO/Net‑Debt of 17.2 % indicate a leveraged but serviceable capital structure, and Moody's notes an improving leverage trend.

- **Existing hybrid activity:** Terna already issued a hybrid bond in 2022, confirming that hybrid capital is a recognized part of its financing strategy. The presence of an outstanding hybrid bond reinforces the view that the firm is “Strongly Suitable” for further hybrid issuance.

- **Potential benefit:** A new hybrid (or refinancing of the existing one) would replace a portion of expensive senior debt with equity‑like financing, thereby improving the adjusted leverage ratio and FFO‑to‑debt metric, preserving or enhancing rating headroom, and supporting the firm’s large capex program (≈ €1.5 bn of capex in 2022).

- **Market context:** Current market conditions (positive swap rates, spreads in the IG corporate bond space around 2‑3 %) allow an investment‑grade regulated utility to place hybrid instruments at reasonable pricing.

**Conclusion:** The combination of a regulated, essential‑service business with visible cash flows, investment‑grade rating, improving leverage metrics, and an established hybrid‑bond program meets the criteria for a **Strongly Suitable** issuer of hybrid bonds.

<answer>Strongly Suitable</answer>