Good morning, everybody. Here we are, Marcelo, who works in M&A and Technology, and myself, Maria Elisa, from the GPS Group, to present the results for the second quarter 2024, and for the first half of 2024. Well, to begin our call, I would like to refer to the highlights. We ended up with a net revenue of BRL 3.5 billion, with a growth of 34%, and the great contribution were the acquisitions. Organic growth was of 6%, still impacted by the 2022 cohort and the competitive environment, which is exerting pressure on prices. Now, to remind you, we present without the IFRS 16, adjusted EBITDA BRL 350 million, a 16% growth with a 10% margin.
Further ahead, we will speak about the impacts of this adjusted net profit, BRL 166 million, with an 11% growth vis-a-vis the second quarter 2023, and a 4.8% adjusted net margin. We have reached the figure of 4,556 customers, and it does not include GRSA and Trademark. We have disclosed the number of customers of GRSA, representing 450 customers, and the NPS does not include these two companies and some that were acquired recently, reaching 75% in our six-monthly survey. Here you see the net revenue by number of clients. We have 8% referring to food. This figure is still not very representative. GRSA is only coming in with the revenues for one month, for June.
So throughout the year, we will share with you the growth of this percentage to give you an idea how this line item solution will impact the whole of GRSA. So we work with integrated facilities, indoor logistic maintenance, and industrial services and security. Our main client has 4% of our revenues. Besides that client, we have 15 more clients, so our revenues do not depend on a single client. Everything is distributed by client, but we don't tend to lose most of our contracts, and it is quite fragmented and similar to other quarters. As I mentioned, in net revenue, we had a 34% increase compared to the second quarter 2023, and a 6% increase in the organic net revenue. Now, for this quarter, we did have an impact of the 2022 cohorts.
By removing that impact of 2022, we would have grown 10.4% along the historical lines we always had, but we were not able to offset that loss of the 2022 cohorts. Well, we have worked in a very disciplined way in terms of pricing and where we see competitiveness and price that is not sustainable for the long term, or we end up not making or working with this contract. So if there is a price pressure that demands, demands, we are very aware and very disciplined in terms of these contracts. These contracts have to exist for at least 3 years, and we don't want to impact our margin in the future.
In inorganic net revenue, we show you five companies that came in in 2023 and another five companies for 2024, with a highlight for GRSA, incorporating BRL 290 million in revenues for a single month. The half year was also very similar in terms of inorganic net revenue, with a slightly lower effect, but in organic, very aligned with a 6% increase, thanks to the acquisitions I mentioned formerly. EBITDA, adjusted EBITDA, had a growth of 16%, with a 10% margin, and for the half of the year, we had a growth of 16%, with a somewhat higher margin of 10.4%. It's worthwhile highlighting that we disclosed the EBITDA margin for GRSA only for the month of June, that we're incorporating in that EBITDA margin for GRSA. There are two points.
First, we had a revenue impact that was somewhat lower because they only recognize revenues upon invoicing, which is different from what we do. We base ourselves on a measurement after the invoiced services. If we have rendered the services, we already recognize that amount. A nd June is a typical month of readjustment, and part of the revenues of GRSA were not incorporated in the month of June, per se. It's important to mention this. Another point refers to the aliquot zero that we have been discussing for some time. This is a practice of the segment, not only of GRSA, and of course, we are thinking about readjustment. We're still in that stage of better understanding the GRSA methodology. For June, with an aliquot zero, we would have a compensation. In the following quarters, we will bring you greater visibility about this aliquot zero.
In terms of this aliquot zero, we cannot account for this provision. You can only account for the provision when the causes have been approved, which is not the case in this situation. We don't doubt the risk from the perspective of that thesis, and we will maintain it as being possible. This is in our note of contingencies. Regardless of the impact of GRSA, that brought us a margin of 5.6% only in June that will last until the end of the year. We also had another impact that stressed our margin, which are the labor expenses, which increased considerably this quarter. We're doing our work of eliminating a group of lawsuits that are at a well-advanced stage, and there's a very low probability of being able to negotiate a better agreement. We have been doing this since last year.
We have communicated what we're doing in terms of our labor liabilities, and we have taken recent measures and have paid off some of these suits as well. That is why you see an increase in these expenses during the year, and they should extend during the first semester of 2024. Now, in terms of margin reduction, there are three effects: the effects of GRSA, the labor impact, and the effect of other acquired companies that entered in February and are still impacting our margins negatively. Now, regarding profit, the situation is similar. It contains the same effects. In net profit, we had what is called a duplication of accounting of the monetary correction of the GRSA system. This had a more relevant value in the past. It was based on the Selic. Now it is somewhat less because of the drop of the Selic comparatively.
When you look at the expenses of the first semester of 2023 and that of 2024, where the figure is lower, we also have an increase of intangible depreciation of other accounts because of the acquired companies. So the margin of the second quarter is somewhat more impacted by the monetary correction of the system, with a 0.5 reduction vis-à-vis the first quarter of 2022. I will give the floor to Marcelo to speak about the M&A program.
Thank you, Marita. Here you see a summary of our 2022-2023 M&A program, the companies that we acquired, with BRL 5.3 billion being spent every year. The last acquisition was the largest of our, CADE has approved the acquisition of GRSA at the end of May, and because of this, the first month of GRSA was consolidated in our revenues for June.
Now, besides GRSA, all of the nice companies that you see on the chart have already been integrated. We had a rather tense semester of integration of companies. The last integration was that of Trademark that was completed in June, and the phase after, integration in GRSA. Recurrently, we have been remarking with you the complexity of this operation, perhaps because of the size of the company and the type of activity. It's an operating organization that is somewhat different to what we are used to, so we're proceeding with more caution in the integration. We could shorten the integration, but we decided to be more cautious. And our planning is to turn the key of this system on January 11th. The schedule for GRSA, January 1st of 2025, we turn the key of the system. That will be very important.
In April, we have a second important milestone, which is the physical integration of GR. We will put everybody in the same physical environment, and we will only begin to capture synergies as of April. So we will have to be somewhat patient to see all of these effects coming into place. But this is a benefit for the contracts, for the satisfaction of our customer, so the capture of synergy will only be in April. There's a great deal of room to gain synergy when it comes to the system, the cloud, the network, and we're quite optimistic when it comes to capturing these synergies. Another point I would like to remark on, and I anticipate the slide on leverage, is the consolidation of results. In this quarter, we had a strong consolidation of revenues and results of acquired companies.
We fully consolidated this quarter, the results of Lyon, Invictus, Control, Marfood. Now, these four, the results have been integrally recognized this semester, and we have one month for the recognition of result of GR. Because of this, we had a relevant increase of revenues of 34%. And as we acknowledge and account for revenues with a lower margin, we do have a reduction in our average margin. Now, if we consider the scenario of GR and the capture of synergies that will only take place in April of 2025, our expectation for the second half of the year is a somewhat lower EBITDA margin. Once again, because of the recognition of GR, the revenue was relevant, BRL 320 million of gross revenue per month, with an EBITDA margin standing between 4%-5%.
So the average margin of GR will drop a bit, and in the second half, we will be working with an EBITDA margin between 9.5%-10% margin. Another point referring to leverage is that evidently we have made all of the investment in these 10 acquisitions. All of the necessary cash has been disbursed from our current account. It increased our net debt, of course, and when we look at the denominator, which is the 12-month EBITDA, we haven't fully captured that from the acquisitions. So our calculation is that there will be BRL 4.2 billion revenues missing when we look at the last 12 months. We have BRL 4.2 billion of gross revenue that has not been considered in these 12-month EBITDA, and BRL 400 million in EBITDA not taken into account. And of course, this will increase our leverage.
Net debt considers 100% of acquisitions. These are the relevant points. If we could go on to the next slide. Before we go on to the next slide, the controller has corrected me. What is open for GRSA is a small part of readjustment. The revenues that you see with June is well aligned with reality, and there is no significant difference vis-à-vis what we tend to do here at GPS. This is a point that I was going to remark. GRSA recognizes revenues through measurement, with exception of the readjustment. When you have a contract readjustment, GRSA recognizes the measurement of readjustment based on the contract. Now, we only recognize this revenue when the client effectively approves this readjustment. What happened in June is that there was a mismatch. June is when we transfer the readjustment of GR.
They should have recognized this revenue for readjustment. The cost has already been incurred upon. 100% of the salaries were increased because of the collective bargaining, but there was no recognition of this in the balance. And of course, this creates a one-time imbalance in the revenue of GPS. We believe that BRL 7 million are missing because of readjustment, which announces the effect of credit, of labor. Now, salary readjustment doesn't have the same effect for GPS, as the cost of labor represents 40% of the total. We do apologize for this, and we hope we did not cause any misunderstanding. Everything was due to this readjustment. And here, a summary of our acquisitions since the IPO: 23 companies acquired with a combined revenue of BRL 8.1 billion gross revenue. We have acquired companies in several segments.
With exception of GRSA, we have acquired middle-sized companies. Those that we comment upon here, they are companies that offer a better return on our capital invested. GR is an exception to that rule, and I think we were very successful during this period in using the consolidation program to broaden the range of services. We entered the segment of electrical maintenance with the acquisition of Control, maintenance of data networks. We offer labor for engineering or more technical labor, which is the case of Lyon. We have used these acquisitions to enter new segments, which are symmetrical with ours. We're also working in industrial maintenance with 8 acquisitions, temporary labor, and field marketing with 4 acquisitions. So this is the moment of IPO that was highly productive in terms of acquisition.
Now, because of GR and because of what GR has added to GPS, almost 1 point in leverage, we are taking a strategic pause in acquisitions. The priority at present is the integration of companies, especially the integration of GR, the capture of synergies. Our expectation is that beginning in the second half of 2025, we can once again operate with a leverage level of 1.5 times and then resume the acquisition program. Our M&A team has quite some time, so that very calmly they can organize a robust pipeline of acquisitions. In the second half of 2025, we will go back full force to our acquisition program, M&A program. In terms of our cash flow, we reached 84% adjusted EBITDA. We still have an increase in terms of trade receivables.
This is a more structural issue because of the industrial maintenance companies, and this is the fourth quarter in which we had the last days of the month coinciding with a weekend or a holiday. In the third quarter of 2023, in the fourth quarter of 2023, and in the second quarter of 2024, this has happened. So there's a part that will mature, that has been postponed for July to recompose our cash. Another issue about trade receivables, we have worked with measures for alignment to change this curve. We already have more positive signals when it comes to the second quarter, but basically, operating cash generation has been impacted by trade receivables, interest, and IR, BRL 340 million financing activities. As you will observe, we have loans that were taken during the quarter of BRL 130 million, and the issuance of debentures.
On the other hand, we paid dividends of BRL 225 million. We also paid out BRL 92 million in the option exercise of the remaining debt, and BRL 40 million in leasing. So what is important is to look at the fundraising effect, and this represents BRL 120 million that ends in the second quarter. Negative investment, BRL 1.361 billion. Because of the payment of GRSA, we're referring to payment of BRL 1.319 billion, and cash and cash equivalents with BRL 1.182 billion in June. Now, regarding the leverage, I think Marcelo has already remarked on this. When you bring in the pro forma perspective of GRSA with the EBITDA calculated in June. We have a net debt of 1.9x.
If we add all of the other acquired companies, the indicator is somewhat below that. The EBITDA that you see here is the accounting EBITDA. We have not included the previous month of acquired companies. And as Marcelo mentioned, we're working towards integrating GRSA. That will give us the opportunity to reduce this leverage. 41 months duration of the loan portfolio, and we did this along with the debentures that gave us a somewhat longer grace period of 4 years. So we have an increase in the loans, but also a lengthening in our debt. With this, we would like to end the presentation and open the floor for questions and answers. I offer the floor to João Frizzo, who raised his hand. You can unmute your audio. Morning, Marcelo. Good morning, Marita. We have two questions at our end.
First, referring to organic growth, you said the first half of the year was impacted by the 2022 cohort. Which is your expectation for the second half of the year, and which will be the level of organic growth? Second question, referring to GRSA, looking at the margin after the synergies, as the cost profile of the company is somewhat different from what you operate with, if it is less exposed to labor movements. So what do you expect after the integration and the capture of synergies? Let's speak about the organic growth first. In organic growth, that effect of the 2022 cohort in the second half of the year will be lower. If we look at the running rate ex-2022 cohort, we're speaking about 10%. So there will be an increase.
Now, seasonally, the organic growth is better in the second half of the year. We believe that this year it will remain at one digit. It's not probable that it will reach two digits. Because of the acquisition of contracts and customers, there will be an increase in the second half, and well, who knows if we will hit two digits? Now, regarding the margin, I've already remarked on this, we're not expecting any increase in margins until April of 2025. That's when we will begin to see a margin enhancement. But we're very enthusiastic because we have already attained several synergies that impact other areas, synergies with the system.
GPS spent BRL 1.3 billion a year on systems and networks, and GR spends between BRL 5 million and BRL 6 million a month on systems, an extremely steep cost, and several of the systems that GR uses we have in-house at GPS. So only in systems, network, and iCloud, we have a great deal of room to capture synergy. And of course, we have structural overlay, the back office team, the accounting, fiscal team, for example, that does not have contact with the customer, and this is where the synergy truly occurs. Now, this is another very productive area to capture synergy. We have synergy in the operating results line item by implementing our management system. Of course, this is for the longer term. It's a cultural adaptation that might take longer, and the synergy will take longer, of course.
But our expectation is that, at the end of the integration project at the end of last year, we can run GR with a profitability margin very similar to us of 10%. This is what we have mapped, and we think it is feasible. I know there's a discussion in terms of the margins for the food segment, but we don't only work with food. We have other businesses in the portfolio. We share our team structure, back office teams with all of the businesses, which grants us a scale that is higher than that of the competitors and allows us to reduce fixed cost. And fixed cost demand back office structures. Fixed costs have a significant weight, and we are now in a special position vis-à-vis the rest of the market because we can operate with lower fixed costs.
Well, time will tell, but we have a significant expectation that we can run GRSA at the end of next year, once the synergies have been captured, with margins close to 10% for EBITDA. Thank you. Thank you very much. Have a good day. We will unmute the audio of Andre Ferreira. Thank you. Thank you for taking my question. We have two questions in truth. If we analyze the net revenue of GRSA we are at BRL 3 billion at the time of the announcement. What explains that? Is it a seasonality, or is the base for revenues of GRSA higher because it started a higher level? And a second question: It was a quarter with sound margins, as you have had several recently integrated companies, and the focus, of course, are profitable contracts.
In a more structural way, does it make sense to think that the margin level, even with a ramp-up of acquired companies, will remain, or has this level changed? And if we will see a certain recurrent churn in organic revenue because of this. Thank you. Well, I can speak about the GRSA revenues, which was positive, a positive surprise. They had a relevant growth after the due diligence, which was the base of acquisition. It was for which period, September. LTM is September 2023, where we already had an increase of the level that was in effect and for the period. So it's very premature. We have just taken on GRSA. We're still learning how to run the company, but the recurrent level gross revenue are BRL 300 million per month, equivalent BRL 3 billion to BRL 3.8 billion a year.
So there was a growth of revenue after the base date of the diligence, which was the base for the pricing. A good news we have. Now, regarding margins, they're a constant struggle, maintaining margins. Sometimes we don't grow as much as we should, not as much as Marita would like, because we're preserving our margins. We're always looking at margin and our decisions to grow. We want to maintain margins at a reasonable level, and our consolidated revenues come from that. The company as a whole, our contract managers, supervisors, are always focusing on sense, and the priority is profitability. These are two fundamental elements: the customer and profitability. I think it has to do with our capacity to maintain margins. We always say that while we have M&As, and this is ex-management, but...
If we take away GRSA, when we get to levels of more than 10-11, when we don't have acquisitions, this will go up a bit to 11.5% or more. As Marcelo said, this is what we tend to do. It's a way of thinking, and this is what we tell the customer. Margins have to be competitive and, well, if we have a drop in margins, we resume them after we acquire the company. You have to be very cautious. Now, to reinforce what I already mentioned, as GRSA is very large, we look at it with a structural EBITDA margin of 4%-5% EBITDA margin, and it has highly relevant revenues, BRL 320 million per month. Now, BRL has 11, and GRSA between 4% and 5% margin.
So in the second half of the year, the probable scenario is to have a margin between 9.5%-10%. It's a mathematical issue, an issue of, weighing all of this. That was very clear. Thank you. We'll now going to unmute the microphone for Mauricio Cepeda. Good morning, everybody. Thank you for taking our questions. We have two questions. The net revenue of GRSA, they recorded large losses in the first, six months of the year, -BRL 24 million. What is the nature of this? Is this a one-time effect? Is it an effect that will have a carryover into the future?
Regarding the leverage and the M&A, if you have reached that leverage of 2x, and if the goal is to deleverage to 1.3, 1.4x until the end of 2025, is this still your plan? Does this interfere in your M&A schedule, postponing it even further? Thank you. Well, Mauricio, I didn't look at that during the first six months because it wasn't our company. I don't know what composes that, but I can say the following: Going forward, the net debt of GRSA is zero. What it has is a monthly EBITDA, a structural EBITDA of approximately BRL 13 million that we expect 13-16, between 5% margin and then depreciation of BRL 5 million. So what will be left as EBITDA will be BRL 10 million per month.
We expect that GRSA, in terms going forward, will be BRL 10 million for EBITDA, then we will have income tax, net revenue, and a growth of BRL 6 million-BRL 7 million. On the other hand, the financial cost for the acquisition of GRSA, which was one check of BRL 1.2 billion, is in the balance of GPS. What will happen in the second half of the year is that the net revenue that GRSA produces will be sufficient to pay off the debt that GPS took on to pay for GRSA. So we don't expect a revenue increase in GRSA. What GRSA will produce beyond that will be sufficient to pay the financial cost of the debt that we took on.
Beginning in 2025, when we deliver that 10% margin, we will have a relevant capture and net revenue for all of GPS, once again, coming from GRSA. In terms of leverage, as I mentioned, when we look at this level of leverage, I think the analysis is somewhat perverse. We have 100% of the debt, but not 100% of the results. There's BRL 4.2 billion of gross revenue that is not consolidated in our EBITDA. When Marita showed you the EBITDA of one point three eleven before GRSA, we have BRL 4.2 billion of unrecognized revenues that will produce BRL 400 million in EBITDA as a recurrent base. If we add to 1,311, BRL 400 million, we will have BRL 1.7 billion, and our leverage would drop to 1.6x.
Those revenues are in-house. It's a matter of time so that we can recognize that amount. In the second quarter of 2025, with the synergies, we will also be generating cash. Besides increasing EBITDA, we will generate cash and reduce net debt. So as of the second half of 2025, we will have a leverage of 1.5x net debt, EBITDA, and once again, the acquisitions during that period will no longer be relevant. Of course, we're open to special opportunities that may appear, but that will be the exception, not the rule. To speak very objectively, the vision that we have for the entry of M&A revenues is minimal for the second half of 2024 and the first half of 2025. Thank you. That was extremely clear. Thank you very much. Thank you, Mauricio. Very well.
We'll open the audio for Lucas Marquiori. Hello, everybody. Thank you for taking my questions. We do have some points; some have been answered. Let me harp a bit upon the trade receivables and the effective mix of the closing. If you could explain to me those internal measures you're implementing, I believe that this is geared to the contracts to reduce the trade receivables and have an impact on cash. Secondly, in organic growth, we're not very concerned with the phasing out of the 2022 cohort. You said that it's around 10%. We would like to understand the competition dynamic. There was a large competitor that is phasing out a case of taxation. So what happens with the level playing field of competition for organic growth as well, if we could?
Well, trade receivables, we have a change in level, as I remarked, in industrial maintenance segment, and in that segment, we had a larger delay, a larger turnover of days vis-à-vis what we invoiced. It's the moment where we measure the services rendered to the customer. We send this to the customer, the customer approves this. In the industrial maintenance segment, our measurement is somewhat more customized. It depends on the type of service we have rendered that month. In services to invoice, this is what had the greatest impact in terms of trade receivables. We're already acting on this, attempting in the new contracts to have a collection of interest rate to educate the customer that they cannot delay 30 or 40 days to approve the billing, and we speak with the contract manager, who will also have to pay interest managerial interest rates.
Now, this measure refers to terms in the contract. The customer may have to extend the period from 30, 60 to 90 days, and we have created some rules of approval above a certain term. This will have to be escalated. It is no longer the contract manager that will negotiate this. It will be a regional manager or others. So, our vision is to make it more difficult to expand terms in the negotiation, but we have to rethink that practice that we already have of working with managerial interest rate accounted for in EBITDA. Our EBITDA is the base of performance of the contract, and it has two expenses. One is financial, one is for depreciation.
Whenever we have a delay or a term of payment agreed upon with the customer, that cost of capital will be allocated to the contract, which means that we are adjusting the cost of capital in a certain way, so that the contract manager will be more motivated to make sure the customer will not extend his or her terms. These are the measures we are adopting. Well, in the competitive environment, very generally, we see that customers are attempting to work more with our cash. We have situations where we see the customer postponing, trying to work with our cash. The first half of the year has a slower organic growth typically, but we also see higher pressure on the part of customers for cost reduction and a competitive environment, where the competitor doesn't work with the right accounts and works with prices that are not respectable.
If we look at longer periods of time, we will see that this is cyclical. There are years where organic growth was 18, dropped to 12, and this is a period where, once again, we have pressure, not only from customers, but also from competitors. But this period will be over. It happened in the past. We lost to some competitors. They could not deal with the offer they made, and they came back to us. We have to work with discipline and not work with contracts below a certain profitability, 'cause this will have an impact on margins in the long term. We do expect a better second half of the year, but within the prices that will continue on as they are. Well, thank you, Marita. Thank you very much. I'm opening the microphone for Felipe Lenza. Good morning, and congratulations for your results.
First of all, the possibility of organic growth in the catering segment. There are more than 37 companies acting in Brazil. Now, 21 of the companies you acquired have been voicing above BRL 100 million. If you could give us more color, if it makes sense to grow inorganically in this segment or if cross-selling would make more sense. The second question about what Marcelo mentioned, once the margin of GRSA is in line with GPS, we will see that dynamic similar to what we saw in 2022, with an impact on top line, with an improvement in margin. Is this what will happen? Well, thank you for the question, Felipe. Regarding organic growth in the food segment... Yeah. Well, inorganic growth, we like to have a very broad range. We like to operate in several segments.
As we operate in more segments, we have more options on the table to carry out acquisitions. What we're seeking here is an acquisition target, a company with a good customer portfolio, a good revenue diversification that doesn't depend on a single customer, and as food companies with that profile appear, we're going to acquire them. We really don't care if they're working in food, maintenance, cleaning, the maintenance of highways. We don't gear our M&A strategy by segment, saying, "I'm going to acquire a company in that segment." We want to have a broad range of options and interact with several companies simultaneously to have several options, to think about those companies that offer us the very best of everything. That is our approach to acquisition. As you said, there are several food companies.
We have several in the pipeline, and without a doubt, more food companies that comply with our requirements will also appear. Now, regarding the margins, I hope we don't have to do away with contracts. That's the last remedy. We first of all try to renegotiate. First of all, we try to understand if the contract is bad or if the management of the contract is not good. That's the first point. Is the contract good or not structurally? And in that case, we have to renegotiate with the customer. Now, if the customer doesn't want to renegotiate, we open up a bid and renew the contract with a bid. Now, to lose the contract is our last remedy. It's the worst solution. If a contract is structurally bad, if we cannot renegotiate a healthy profitability equation with a customer, we prefer to lose the contract.
It makes no sense to maintain an operation that poses risks to the company. And when you have a large contract with a food company, this of course involve risks and work, the regional manager and others. In the worst scenario, therefore, we are willing to lose the contract. I hope this will represent a minimal part of our companies. We still don't know. We don't have that vision very clearly so far. Perfect. Thank you. Thank you. Thank you very much. Luiz Capistrano, has the floor. Good morning, Marita. Good morning, Marcelo. Thank you for taking my question. I have a follow-up on two points mentioned during the call: expectation of margin going forward 9.5%-10% for the second half of the year, and the GRSA rollout program, which will be until January first.
Between January and April of 2025, will this margin drop before it begins to enhance because of labor suits and other expenses related to that program? If you could also give us a figure that we can keep in mind, that—which could be the margin of the company, therefore, in the first quarter, that would be interesting, an idea of their profitability. The second question, the positive surprise with GRSA. You have a better feeling than we do of what could explain that growth. We're speaking about 25% growth of the figure reported of BRL 3 billion in September 2023, vis-à-vis the run rate. So once again, if you have, that feeling, perhaps you don't, this is a recently acquired company. If this is something that is non-recurrent, if it is something specific to the sector. Thank you. Thank you very much.
Thank you for the question, Luis. For the second half of the year, we're thinking of an average margin of GPS between 9.5% and 10%. Go live will be in January and April, the physical integration of the teams, and then we will begin to capture synergies. So between January and perhaps June, we will have optimizations, and the most important period of optimization will be between April and June of 2025. We have the cost of suppliers, of equipment, so yes, this will impact our margin between April and June of 2025. We may have an impact on margin because of that. On the other hand, the other companies we have integrated, and we integrated several companies this year, they have a margin of about 5%. These companies will be operating at better margin levels.
I can't tell you now which will be the margin range between April and June. I would expect something between 9.5% and 10%. We will have a somewhat worse margin of GRSA because of the mobilization costs, but the other companies that we acquired, Lyon, Control, Marfood, and others, all of these will be operating at different margin levels. If I had to guess a figure, I would say something between 9.5%-10% as well. In the forecast or projection, and we have a concentration in the second quarter of additional expenses, there will be a certain drop in the second quarter. The acquired companies recently will offer us a better margin, but as GRSA is highly relevant, we're speaking of BRL 3.5 billion, BRL 3.7 billion. In our vision, this could have an impact. It's difficult to tell you which.
It will depend on the actions that will be adopted between now and one year, so it's very difficult to say. And regarding the growth of GRSA. Everything is very recent. We have just acquired the company in June. We're beginning to understand the reality of things, and this is not the market that is going through a good moment. I think they increased their market share. They grew vis-à-vis the competition. We still don't have a good reading on the level of margins of the contracts that they achieved, but on average, the company margin of the company was maintained between 4% and 5%. They sold contracts as they are used to doing within certain margins of profitability, so the commercial impact was very positive, a pleasant surprise of this acquisition.
We're still understanding the seasonality, the growth, and a characteristic of GRSA is that there are months with less working days that impacts their revenue, and some months, like December, for example, where there are vacations, and obviously, the revenue of that month will be lower. We're understanding this seasonal behavior still, but we have reported a single month out of June. We annualize that month as a mathematical exercise. We're still going to see how the revenue behaves during the year. We're speaking of schools, industry, collective vacations, and as the segment works in food, there will be a variation of revenue between the months. Well, simply to give you more detail about GRSA. It was very clear, Marita, Marcelo, thank you very much. Have a good day. Very well. We will now open the unmute the microphone of Luiza. Morning, everybody.
A follow-up of what Marita said on labor costs impacting your margin. You believe they will be high until the first half of 2025. Should we expect a stabilization of that cost at the level it is at present, or will it increase more because of the integration of GRSA? GRSA does not have a significant labor liability impact. What we see is what we are doing with companies acquired before 2020 and the more recent ones, some of them have significant liability, liabilities with a very high average ticket. So we're working in-house to attempt to eliminate those suits. Basically, what is happening as the company doesn't do anything to end these processes, there are interest rates, and part of the expenses we are paying, in truth, is a monetary correction. The shorter the time, the lesser the cost.
Having said that, what we have going forward could vary. It could go to 2.2, drop to 1.8 of the revenues. It could vary, but we believe it will fall within that range from now until the first half of 2025. When we look at the backlog of lawsuits we have now, now, this is a very relevant topic for us, labor liabilities. We like to acquire medium-sized companies. They offer the best return, the better margins. Normally, these companies have a very limited cash flow, so the natural trend of the entrepreneur is to postpone these lawsuits because they can't face that level of disbursement. So these lawsuits accumulate and reach the phase of execution. A lawsuit in the phase of execution is lengthier, and the amount of the lawsuit tends to be much higher at that point.
As Marita mentioned, you have financial costs. If you think of a lawsuit that extends for 7 years, the financial cost will be very high. It will be 5 times or 6 times higher than the cost of a lawsuit where you make an agreement at the initial stages. We acquired several companies since the IPO that had that characteristic, and we did this being very aware. We acquired them at a lower cost. We took into account the labor liability and the pricing, but we were aware of the situation. Several of the companies had that profile, and we're now dealing with that large volume of lawsuits at the execution phase, and this has increased our average ticket. Our expectation is to live with this environment, a higher average ticket, until mid-2025, to be between 1.8%-2.2% of net revenue.
As of mid-2025, when we begin to resolve that inventory of lawsuits under execution, we will return to our historical leverage of 1.2% of net revenue or around that. It depends on what we will acquire as well. That's another learning we have had. We acquired TLSV with high liabilities that we're settling at this point. So it is within this perspective that we work within that range, and this will extend until the first half of 2025. Thank you. I'm going to open the floor for Gabriel. Gabriel Frazão, thank you. Thank you for taking my question. My question about the aliquot income tax that is somewhat lower than what we had imagined, does this relate to something not recurrent this quarter, if it will return to historical levels, or is the level of this quarter a good proxy going forward?
I'm not exactly sure why this aliquot was lower than our structural aliquot, but doubtlessly it is a non-recurring aliquot. We do have some opportunities with acquisitions that we end up taking time to use an accounting loss or something where we can work with compensation, and when we have drops, like in this quarter, we consider this as being non-recurrent. It's not a structural aliquot or percentage. Thank you. Thank you very much. Very well, I think we have gone somewhat beyond our time. I would like to thank all of you. We have a question in the chat that is anonymous. I don't know if the person would like to pose the question. Well, we will not respond to the question if it remains anonymous. I would like to thank all of you for your-