Good morning, everybody. Here we are today to present our earnings results for the fourth quarter 2024-2025 and full year 2025. As we do every year, we invite Luis and Gustavo, besides Marcelo, who is sitting next to me, for the final presentation for the year. We have Luis Martinez, our CEO, Marcelo Hampshire, our Head of IT, M&A and corporate areas, and Gustavo, the IRO and CRO, along with me. We're here to present the results for the fourth quarter 2025. In terms of highlights, we reached net revenue of BRL 17 million for the year, 17% higher than in 2024, 8% organic growth. A resumption that we began to have as of the second quarter, and we will be speaking about this in greater detail.
Adjusted EBITDA, BRL 1.7 billion, 12% higher than last year, with a 9.7% margin, somewhat below what we normally have historically, and I will refer to the aspects that impacted that margin. Adjusted net profit, BRL 822 million, 5% higher than 2024, somewhat lower than our historical results, and we will speak about this. We continue on with a continuous strategy to diversify our solution lines. We have four broad lines that represent a large part of our business, and they are distributed in facilities, catering that represents a relevant part of our business, maintenance and industrial services, security, of course, temporary labor services, and field marketing and indoor logistic with 6%. As a premise, we tend to fragment our customer base.
Our major client represents 6%, and we have reached 4,635 customers, somewhat below the third quarter. It's important to mention that in that quarter, several customers left. They had low representation in terms of revenue, and we had new customers that had more representative revenues. As a total, this reduces our number of customers, but as you can see in the revenues, this did not impact the growth of revenues. The NPS that we carry out as a survey frequently in the company, we're standing at 76%. The GRSA is included in this final NPS score. Very well. I will now give the floor so we can speak about the net revenue. Good morning, everybody. It's a pleasure to be with you once again.
As you can observe, our net revenue in this quarter was 8% higher vis-à-vis the same quarter last year. The great highlight, of course, is a 10% increase in organic net revenue. Of course, this shows the quality of our growth and the operational work in the recomposition of customers, the commercial work in the search of new contracts. This is a second consecutive quarter that we maintain that level of 10% growth. To give you more color, at this point during the year 2025, looking at it as a whole, we faced a very difficult year, as was the year 2024. We faced the challenge of retention. The scenario changed somewhat. There was a great deal of price pressure, but we were able to achieve new contracts. We're quite satisfied with how we sustained that quarter.
The commercial team carried out excellent work in 2025. We carried out investments in several regions, once again geared toward those aspects. I think what is important is the qualification of that growth that you cannot see here, but we had a growth in practically all of the group verticals, especially in temporary labor services and trade marketing. This year, we were able to have a much better performance vis-à-vis 2024 organic growth with the structural changes that I presented in the first quarter of 2024. The results are beginning to appear, and it's a satisfaction to mention these results to you. Another important point is our capacity to retain the 2024 cohort. We had the largest acquisition ever that year, the GRSA. In June 2024, it began to be consolidated in GPS. It was a subject of a great deal of questioning our ability to retain customers.
If you look at this graph, you will see that GRSA is a considerable part of our 2024 cohort. The value of 2025 is a small part, only BRL 18 million. The quality of the integration of GRSA, the systems part with excellent work from Marcelo's team, systems integration and the operating team regarding the rotation of these complex and very large customers. Integration of remote sites now in the retail, which is a small part. It's also required a great deal of attention and capacity from the integration teams. All of this helped us to maintain our inorganic revenues. For the year, you can see that our revenue grew 17%, once again driven by the 2024 cohort. Organic growth with an 8% increase. I would like to mention the following so that you can see the evolution of the organic growth.
The first year, we had an evolution of 5%, second year, six, the third year, 10, now once again, 10%. You can see the significant evolution here. The 2025 cohort, a slight contribution, because the companies were being integrated during the entire year. Very well. We're now going to speak about our M&A program with Marcelo.
Good morning, everybody. We have that summary that we tend to present to you with our performance and acquisitions in the last two years. This represents BRL 4.2 billion of gross revenue acquired in the 2024 program, with GRSA being the largest acquisition. In 2025, because of the increase in leverage with the acquisition of GRSA and the general complexity, we did reduce some initiatives in M&A.
We did not have the intention of carrying out acquisitions, but we ended up carrying out three, one in January, one in February. The Tagg that are presently fully integrated, Tagg in December. Tagg was the latest acquisition of the year in October. We consolidated the result in December. We only have one month of consolidated results. Our expectation is to have a turnkey operation only in May. Here we see an X-ray of our acquisitions during the year, and I would like to speak about our future pipeline. We're still quite enthusiastic with the prospects of our pipeline. Last year, we made minor adjustments in EBITDA multiples in our acquisition because of the scenario of the interest rates important for the closing of the deals. We do have significant amount of companies in our pipeline in the final stages.
We have 10 processes in the final stages, which is the stage of contract negotiation. These companies represent BRL 2 billion in combined revenues. We're on a highly consolidated path to deliver organic growth this year. Here a slide that we share with you in a reiterated fashion of our organic growth since the IPO. There were 26 companies acquired with combined revenues of BRL 8.5 billion of revenues from acquisitions. You will see our relevant growth in three sectors that we were not present in or where we had limited action, temporary labor and field marketing, where we carried out 5 acquisitions. Nowadays it is a very relevant sector for us in terms of revenues and results.
The maintenance sector that was not important for GPS before the IPO has gained relevance, and the same holds true for facilities and catering with 22% of revenues. All of this thanks to our acquisition program carried out after IPO. In catering before the IPO, we operated with AC, a very small company. After the IPO, we carried out three additional acquisitions, and it is our second main business at present. The main business actually alongside with facilities. This is a summary of our acquisitions. Now I'd like to refer to our EBITDA. You know that we tend to have constant margins. This is a priority for us. Of course, this has begun a rule. It's part of our discipline for decades.
In the fourth quarter, we have a margin of 9.8% with an 11% growth in EBITDA vis-à-vis last year and a growth of 12% in the year with a margin of 9.7%, somewhat below that we normally have between 10 and 11. There are three broad factors that have impacted the margin in 2025. The first, of course, is GRSA. Evidently, we acquired a business with a margin below GPS. We incorporate GRSA with a margin around 6% and 7%, and it has been growing based on our plan and our idea to capture synergies. There was an evolution during the year, and obviously there was an impact during the year. We began with a lower margin. We're ending the year with a margin that is more in accordance with our standard.
This is an effect that extended for the entire year but has a positive trend. The second factor also refers to acquisitions, TLSV, and Control to new businesses. As we mentioned, we tend to come in softly. There is a time for maturation. We're still not there with Control TLSV. We need to stabilize margins, and of course, this has impacted our results. The third factor refers to the costs of the implementation of the contract. We had a switch of Control in the first quarter. We went from a growth of 5% to 10% in the second and third quarters. Of course, we had an increase in expenses. When implementing a contract, there's that need to disburse for headcount, equipment, uniforms, and much more, all of those items that are necessary to fully implement the contract.
The revenues come further ahead. This has a one-time effect of those expenses carried out. This is a comment on our EBITDA. An important point we would like to mention that we always disclose on the fourth quarter refers to our labor expenses. Here you can see that in 2023, we had expenses over net revenue of around 1%. We had an adjustment because of the companies acquired. We began working on this in 2024 and continued on in 2025 to reach an agreement and to close the more costly lawsuits that are in the phase of execution and review. You can observe that we began with a total of lawsuits of 15,000 in December of 2023, and we end the year again with almost 15,000 again.
During that process, we had 18 new lawsuits that we have been able to close. This is a continuous process, and what we are doing is changing the liabilities. This means we have a lower average ticket, and this happened during 2024 and 2025. Between December 2024 and December 2025, we reduced the more costly lawsuits by 1,300 lawsuits. The profile of our labor contingency with which we end 2025 is better than the profile of the labor contingencies at the end of 2024. This means that going forward, we can better balance out the cost of lawsuits vis-à-vis our revenues. We had a decrease in the margin of 2024 to 2025 of 0.8 percentage points because of this effect.
We imagine this will stabilize going forward as we're working to change the labor liability, decreasing the average ticket. Now, regarding our profit, we had financial expenses here because of an increase in the Selic, as well as an increase in the size of our debt. These are non-cash financial effects due to a monetary restatement of our liabilities that added up to BRL 170 million. A system, the PERSE and other systems. These are non-cash effects that of course impact our profit. We had adjusted net profit, 6.7% higher than in the fourth quarter of 2024. Here are operational cash that is positive, 91% of Adjusted EBITDA, which is a basic condition besides profitability. The companies offer operating cash that is always very interesting for our EBITDA.
Now the IR cash and equivalents with a growth lower because of the increase in interest rates, the result of internal work and the search for compensations. Of course, this means we have a very efficient cash outlet in financing activities, BRL 3.5 billion. We paid BRL 2.5 billion beforehand. We had a pending debt of BRL 1 billion. We had the payment of dividend, BRL 228 million, and we also exercised options amounting to BRL 213 million with a positive amount of BRL 414 million for the year. In terms of investments, cash and equivalents, we had a consolidation, and what I would really like to highlight here is the amount of the expenses in fixed assets, BRL 230 million, BRL 600 million referring to the new headquarters.
We would like to refer to our new headquarters through Marcelo and the investment in intangible assets and BRL 3.8 billion 900 cash and equivalents. For the end of the year, our leverage was maintained stable at 1.6%. The seasonality of the 4th quarter, well, we have the cash impacted by the payment of the 13th salary. We have a 45-month duration of the loan portfolio. We issued the 4th and 5th group of debentures reducing spread. Former spread was 2.15. Lengthening the debt, therefore, we had an efficiency on the cost of the debt, and we deem that this is a very positive path for us and the zone of comfort of 1.5 x net debt over EBITDA. The return for this year had a drop of 1 percentage point.
Vis-a-vis 2024, it stands at 16%. Basically, we haven't reached the margin that we always have, and GRSA will contribute with a better margin the coming year as well as Control and TLSV . With this, we should increase our return on invested capital to historical levels. In these last two years, we had labor lawsuits with a higher level, and our return on equity is somewhat lower compared to 2024. The impact of financial expenses, as mentioned previously. I would now like to give the floor to Luiz for a comment on the long term. It's a pleasure to be with you again. I love to participate in the conference call, and we will then be able to respond to your questions.
What we are showing you here on the screen refers to the behavior of the revenue of GPS in the last 10 years. We compare this with macroeconomic indicators, the growth of GDP, the increase of inflation. What you can observe is that GPS has always had a very high level of growth. We put together organic growth with acquisitions, but this doesn't have a strong connection with other indices. The growth of GPS refers to that dynamic that is self-imposed more than with the market behavior. In this screen here, we also show you through the decade the growth of net revenue based on organic and inorganic growth. For the period, we had a total growth of 30%, with 20% representing inorganic growth and 10% organic growth.
You will see that the behavior of organic and inorganic growth has fluctuations through time because of the acquisition program, the market situation. Because as part of this vision, what is it that we are seeking? We would like to grow in a structured fashion through time. We want to have sustainable growth with high levels, but we want to preserve the company's margin. In our organic growth program, we want to bring in new contracts, bring in new customers that can sustain our margins above 11%. This is our long-term vision. Here you see the historical behavior of margins. Despite having variations of organic and inorganic growth through time, we were able to grow net revenue by 30%, EBITDA by 22%, maintaining a margin on average between 10% and 11%.
This is what we believe is possible structurally for GPS to deliver, always enhancing its management model and balancing inorganic and organic growth, favoring cross-selling through time. This is our vision regarding the historical behavior, showing us what we can expect going forward with GPS. Here the highlights that Marita, Gustavo, and Gustavo have mentioned. If I could summarize the year 2025, the two main points refer to the integration of GRSA. High investments for 2024. We reached a high point in leverage of 2.2. We're back to 1.6. There was systems integration, and it was a very complex integration because of the size, the characteristics of the company, and the contracts mentioned by Gustavo. This was a successful integration.
GRSA, through the years, suffered a bit from the integration costs, month after month has been improving the margins, reaching margins that are very similar to ours. Another point was the 10% organic growth for the second half of the year, 8% for the year, with an improvement in the rate of contract renewal and the gain of new contracts because of Gustavo and Marita.
Very well. I think we can open for questions. Thank you, Luis. Before that, as we mentioned in the two previous quarters, we're launching GPS Talks. The third episode is available with the M&A Director, Carla Maranhão. They are available at our IR website. Now Marcelo will speak about our new headquarters. Okay, Marcelo, you have the floor.
Let's watch the video first. Well, this video is, well, has a lag of two months.
I think the work site is well advanced at present. You will be able to come visit us very soon. We will carry out our Investor Day there, God willing. This is the land that we had fallen in love with for quite some time. It is very close to GPS. At a certain point five years ago, Luis knows this better, there was an auction of Bradesco. We won this in a very opportunistic acquisition. We began the phase of projects, the approval of the city hall that extended for two years. Two years ago, perhaps somewhat more, we began the construction. We're now in the final stages of a construction, and the expectation is that we will move mid-year, beginning with the corporate area. The land has 36,400 sq m. Land area has 18,630 sqm .
It will hold 3,500 positions. We have carried out investments of BRL 200 million, and we're estimating another BRL 140 million for the conclusion. This, of course, impacts our return on equity, and the benefits will only come about after the move. We will have savings in terms of IPTU, rent, approximately BRL 2 million per month. There are other intangible benefits from this move. The first of these benefits refers to the integration of teams. Because of our growth in the last few years, we have 10 buildings distributed through São Paulo. They shelter our operational teams in São Paulo, as well as the back office and the corporate team. Because of the distance, we lose out on team integration. We have 10 commercial teams that are not connected. All of our back office teams, therefore, are disseminated in these 10 buildings that we have.
With the move, we have divided the building in such a way that all areas will be sharing the same floor. Our human resources integration will have a floor. This will allow the teams to become more integrated. We were losing some efficiency because of this dispersion. I think it will be a more dynamic environment for entrepreneurial interaction, and culturally everybody is sharing the same environment and integrated space. This could only be positive. We also built this construction thinking about our customers. It's an area where we can take our customers. We can show all of the services that GPS offers. We will have monitoring in an area with 1,000 sqm with a monitoring center. We will have an exhibition of technological equipment where we will demonstrate the equipment that is at the disposal of our customers, washing machines and others.
Another area with 1,000 sqm , we will have a enormous restaurant with state-of-the-art equipment at the disposal of our employees in the building, but also at the disposal of our customers. We will have Nutricar setups in the building to service our employers. I mean, this will be a demonstration area, a test area, so that we can enhance the services that we're offering to our customers. As I mentioned, the expectation is to begin the move between June and July. There is a schedule, of course. There are 10 different buildings with a significant contingent of people. During the second half of the year and the first half of the coming year, we will be moving to our new headquarters.
Thank you, Marcelo. We will now open for questions. The first in line is Lucas Marquiori.
Good morning. Thank you for the call. Thank you for the explanations as well. We have two topics here for the short term, perhaps for the strategic long term. Marita, I understood the impact on the margin, the growth of costs, and the implementation of new contracts. I would like to further understand this. I presume that GRSA has improved its margin. The cost of implementation of new contracts, sea contracts, offshore contracts, reduces the margin. This is the impression we have that there was a worsening in some business to offset the improvement in other businesses. Is this also due to TLSV? I would like to understand the cost of these adjustments, the margin for the fourth quarter or not. Secondly, take advantage that everybody is here to hear about these changes in labor legislation that is under discussion at the Congress.
GPS sells labor. Labor is altering its rules, its laws. This will force you to sit down with customers, renegotiate. It's always painful. I would like to understand your mindset here. If you could explain your approach or your tone of action to offset or attack that change of laws that apply to everybody.
I will speak about the margin, then give the floor to the other three. We created a sequence of increase of margins throughout the quarters with the low we had in the second quarter, 25 at 9.6%. This has contributed positively to the evolution. In the third and fourth quarters, what happens with the cost of mobilization is that we maintain the cost. We did not reduce the cost of mobilization for the third or fourth quarter because the organic growth level was the same.
In the fourth quarter, the results were similar to those of the third quarter. We went from 9.6% to 9.8%. The three factors that impacted the margin, GRSA evolved, the cost of implementation remained at a very high level. We had a growth of 10% again in the fourth quarter, and the cost of implementation is the following. I'm going to implement a contract, need to hire 200, 300 people. I don't do this on the month of implementation. This is done one month before. We have to pay additional payrolls. We have to train those employees. We have to lease equipment, purchase uniforms. All of this happens before the contract is implemented, and these are the expenses that impact our margin one time. TLSV and Control, they're evolving in that.
We had an important decision regarding TLSV in the fourth quarter. It had a negative impact in the fourth quarter. It had the cost of demobilization but will have a positive effect in 2026. This is our explanation regarding our margins. Well, I'll take the floor to speak about those labor issues that Lucas mentioned. We had the opportunity to debate this a month and a half ago when we were together in Rio. Now, there are two main points here that seem to appear more in the press. The first refers to the 6x 1 scale, working scale, and I'm going to repeat what I mentioned in January. First of all, this is a scale, a working scale, that represents approximately 6% of our labor force. It's not a representative scale among the five main areas.
There are 9,000 employees working by the 6.1 scale here. It's not very representative in truth. Secondly, what I would like to say is that this working scale is extremely wearing for some activities. It is used mainly in cleaning. Cleaning in retail environments and cleaning in infrastructure, airports, railroad stations, and much more. Logically, this will require that we review the scope of the work. We cannot resolve this without involving the customer. The price impact will depend a great deal on our operational capacity, our creative capacity to find the more efficient scope for the customer. Of course, each customer will have to absorb part of this cost. I'm referring to our reality here. Every year we have that struggle to pass on the readjustment of collective bargaining. I don't doubt that the environment will be very similar.
Alongside with a customer on a blank page, we're going to draw up an operation that will make sense for the customer and that will have the lower impact. Regarding that scale, my view is that there will be an improvement as this is a scale that is very wearing, demands a great deal from the worker, especially in terms of cleaning. We tend to have high levels of turnover and absenteeism, and of course, this impacts the quality of our delivery and impacts the carrying out of daily activities we have agreed upon with our customers. Nowadays, this scale ends up interfering in evaluations of service levels. We lose out on margins. It impacts the quality of the service, and we end up losing one or another contract when a problem arises, and this should be reduced with a lower scale.
The trend is that we will win out, we will have a better scale, and we're going to build this in the best way for customers. Regarding a working day, it's very difficult to think about the impact of this for society as a whole. We're speaking about not only GPS, but all of the sectors of economy. All will suffer either more or less. There will be a co-cost increase, an increase in inefficiency, and an impact on inflation that reaches levels of concern. We're more concerned presently from the operational and administrative viewpoint, and Marcelo can add to this. We're focused on the beginning of the year on the pass-through of readjustment of contracts. Our operating teams are mobilized for that. It's a very difficult scenario. It's hard to make any expectations, especially on an electoral year. We're focused on our day-to-day.
We're focused on enhancing our relationships with the customers, delivering the best operational level, and we're working for the next chapters. What I would like to add here, we're constantly attempting to anticipate future problems. There's that obsessive paranoia that we have in the company. That 6x1 work schedule is not a concern for the country. It's not a good measure. It will lead to a reduction of productivity for GPS vis-à-vis competitors. I think it will be positive. This is a new model of centralized management, the dynamism with different managers. What it will happen with a team that are focused on negotiating with a customer and obtaining margins. This is something that has worked very well so far. During one year, we had pass-through of Hazardous work for the vigilance of supervisors. We had more provisions for that.
We had an increase in social charges, we passed this on to customers. It was not a simple negotiation, but that's life. Every year here, we have unions for cleaning, for preservation that implement into the collective bargaining the problem of health issues for cleaners, and this could represent 30%-40% more. This is something that we pass through to customers. It's been positive for us. The main problem in cleaning is, refers to health issues, and every year we have to adjust contracts and pass through costs. For us, the 6x1 scale is not a concern for us. We're here ready to make some adjustments that we need in some operations, such as TLSV and control. We're convinced that we will enhance our labor issues. We have Marita here executing all of this.
These are minor adjustments that are underway. It's never something that happens quickly, but we are going to recover historical margin levels. We're quite confident of that.
Thank you.
Thank you very much. Have a good day. We open the floor for Andre Mazini. Your mic has been activated.
Thank you, team, for taking our question. We have two questions. First of all, the number of customers dropped 3.8% year-over-year to 4,635 at the end of the fourth quarter. How do we read that minor drop? Is it an increase of competition or a simple churn of customers that are not doing very well? This is the first question. The second question, the comment from management. You said that 2026 will be a challenging year. Could you expand on this?
In which areas, which are the KPIs where we will have greater challenges in organic growth, inorganic growth, margins? This for the year 2026. Thank you. In the fourth quarter last year, we had 4,820 customers. Presently, we have 4,635. There are two main effects here. The base effects in the figure of December 2024, we still had not integrated GRSA. There was a slight overlap with what we already had. Bali is a name that came from the contract with GRSA, and we consider Bali as one customer, not two. This is the first effect. Another effect, which is a one-time effect, GRSA in the third quarter of 2025 cannot be compared with the fourth quarter of 2025.
What we had was a change of profile between the third quarter and fourth quarter of 2025. We lost 312 customers generating revenues of BRL 1,893,000 in the last 12 months, and we gained 66 customers that generated revenues of BRL 10 million. We had a change in the profile of the customer base. We lost several small customers in a dynamic that Gustavo can speak about, readjusting what is outside our minimum margin. This is not a concern in our vision. Quite the contrary, it's something positive. Gustavo.
Well, I've been struggling with this with our commercial teams. We have dozens of commercial teams distributed in our 35 regions. Every month, we meet together to speak about the pipeline, to speak about strategy, to speak about the features of their region, to search for the highest organic growth.
What I can share with you is that GPS's vocation is to work with large companies, with large industries, large infrastructure companies, complex sites where the security demands, the quality demands, compliance and governance with the customer are of top level. This is where GPS stands aside. This is where we have a more qualified margin, and this is where we can have a higher number of contracts for longer terms. Evidently, with our growth in the last years, both organic and inorganic, our customer base has been increasing evermore. It's natural that we grow among the larger customers, and we grow among customers of our portfolio as well. This is our growth strategy. It's more difficult, Andre, to retain those small contracts of acquired companies where we don't have that differential, where competition is rougher.
Well, the small companies can work with small condominiums about GPS, but this is more difficult. As you know, we will never leave margin aside. This is a characteristic we have. Our strategy for organic growth nowadays is based on the larger clients. Well, they're important in the GDP of Brazil. This is also part of a cleaning out of our portfolio. We acquire several companies. This happens with residential condominiums where they have one night watchman and one cleaner, and these are contracts that are very difficult where we can have a healthy financial equation. If somebody misses, we have to have a minimal number of employees to account for those problems. This is simply a cleaning out of our portfolio. Regarding the challenging environment for 2026, we are in an electoral year.
We're living with a Selic rate of 15%. They're speaking about reducing it, but very little. We have full employment situation. In this environment, our customers and several market segments, with that interest rate, they're not very prone to investing. Of course, there are M&A operations among companies, but thinking of expanding their installed capacity to think about growth, well, that's important, but they prefer to increase efficiency. This is a scenario we have been facing for the last year and a half, and in 2027 we're convinced that this will still be what we face.
Now, when we think about our capacity in the commercial area of bringing in new contracts despite the situation, using our creativity and using our capacity to show what is truly important, how important it is to hire GPS, we're quite confident, therefore, that the organic growth will always be under pressure of that environment, but it will end up being qualified growth. Regarding the full employment environment, we observe it that 6x1 scale is somewhat neutral for us. The discussion on the reduction of salary is something that impacts the entire country. We have a management model. We have teams that advocate for the best equation with the customer. We're always balancing this out, and we trust that at these moments that add cost to the economy that have inflationary effects, we will hold on to what is important for us.
It's something we have to overcome. We're prepared to overcome that issue of full employment. Every year with the HR teams, we follow up on this. Our main operational challenge is replacing vacancies. I don't know which are the government programs, the health programs of the government. For us, this is an enormous operational challenge. Every year, we hire and fire 10,000 workers. We have a huge number of vacancies. When we can't find somebody, we have to give the service off to everybody. This increases our costs. That issue of full employment and lack of labor has been a significant challenge for us.
Thank you, team. Thank you very much.
Thank you, Andre.
Let's open the audio for the next question for Luiza Mussi. Good morning.
We have two questions here.
Luiza, your audio is not very stable. We truly cannot understand what you're saying.
Can you hear me now very well? After some months of the year, we were talking a great deal about your plan for results. Has this been reflected in your conversations with acquisitions? If you could give us an update in terms of your pipeline and if you could speak about the cost of mobilization in the contract. You said that you acknowledge these costs, then you have to acknowledge the revenues. Are you saying there would be a strong additional revenue that is about to come?
The revenue is within expectations. Simply to speak about organic growth for 2026, we will have a headwind from GRSA, although we remain at a two-digit level ex IFRS. Well, this will have a negative impact.
If I took GRSA away, yes, the inorganic growth would be positive. This is the accounting effect that you see an anticipated expense on the subsequent revenues. All of this is due because of the effect of GRSA precisely. It's a mismatch of one month. In the large contracts, this has a greater impact. In the smaller contracts, the level of mobilization, the level of training is much lower. In the second half of last year, we had some large contracts that favored our organic growth. The degree of mobilization and the mismatch between mobilizing resources and recognizing revenue is of one month.
I would like to add here, Luiza, that as part of this strategy of organic growth in the large contracts and the large clients and complex sites, the term of mobilization with an impact on the revenue in the pre-operational phase tends to be higher than one digit. Large industries, offshore operations, we end up having a delay between the beginning of the mobilization and the perception of revenue that is of three months. The more we implement this strategy, the greater this impact or effect that we're discussing here. About the PERSE, we spoke about this last year. It confused our negotiations with the cleaning companies. If you look at the last three years, I'm looking at 2024, 2025. We only had one acquisition of a security company Invictus that was a very small company.
Our smallest acquisition, it caused confusion. Companies perceived a non-recurring margin. At present, once this issue is regularized in our pipeline, we have several companies for cleaning and security coming back to the pipeline. We have 10 companies in the final stages of negotiation with a combined revenue of BRL 2 billion. Of course, the preference is for cleaning and security companies, mid-size companies. When we look at the pipeline, we have many more companies. We always interact with dozens and dozens of companies because of that high number of options that we have on the table, and this enables us to select the companies that will give us a better return. We have a relevant number of companies interacting with us. Since the initial phase of signature of the M&A until the final phase, we have a great number of companies interacting with us.
We now have those 10 companies with BRL 2 billion potential revenue. These companies historically have the best return rate historically. We also interact with larger companies, and this is an option that happens every once and again. At this point in time, we have no conversation with a larger company. We don't have any conversation that is heading towards a closing at this point. Thank you.
Thank you very much. Very well.
We have reached our comment. We can continue on, of course. I know that you have other agendas. If Lucas Nagano is here, of course, we can turn on his microphone. We can activate his microphone.
Good morning. Can you hear me?
Yes. We can hear you very well.
We had a problem with our screen, but we will continue. We have two quick questions here. The first about organic growth.
We spoke about favorable factors, the mismatch of revenues, some negative factors as well. The net gain of contracts, which is the environment for 2026. The second question about margins for GRSA, which will be their trajectory going forward and which is their potential, and how much will they help you in terms of your consolidated margin. This encompasses factors such as a reduction of labor lawsuits and much more. How much more can GRSA contribute to your consolidated margin?
Regarding organic growth for 2026, Lucas, I expect an environment that is very similar to 2025. The Brazilian real suffering because of this macro scenario, customers trying to adjust to that, reduce their leverage.
GPS, of course, appears as a strategic employer to offer more services, to seek synergies, to find opportunities to reduce cost in their own contracts, to consolidate contracts with competitors that are at the same level. It's an environment with interesting opportunities. In spite of what we hear about the economic environment, as Marcelo mentioned earlier on, GPS tends to play a leading role in terms of growth because of its competitive edge. Its team of managers that are working with the customer, sharing the pain of the customer, using our management tools to be with the customer to understand their pain and to share priorities. This is something that we speak about a great deal. It's part of our culture, part of our day-to-day work. In 2015, during the impeachment of President Dilma, we had differentiated organic growth.
More difficult scenarios tend to be more difficult for our competitors. I'm quite enthusiastic with the possibilities that are about to materialize this year. Everything we will do going forward will be with enormous diligence and attention to GPS's margin. Regarding GRSA, basically we have concluded the work of capturing synergies as G&A that we have identified. We have been able to create a margin that is higher than when we acquired the company. Where I foresee greater potential is in the margins of catering contracts. Margins were 12%-15% of the total margin of GRSA. We are familiar with this. We have regionalized the contracts in mid-2025. We have already cleaned out that portfolio a bit, leaving those contracts that had negative margins. In the catering margins, we were somewhat more parsimonious.
We had to be calmer at that moment, better understand the contract. I'm convinced that the figures that we have and the new reports we have created with our systems people were sufficiently mature to make some decisions per se. On the catering contracts that represent 80% of GRSA with bad or negative margins, this is where we tend to capture more margin for this year. Well, that was very clear.
Thank you very much.
Thank you, Lucas.
Let's open, activate the microphone for Mr. Tineo, Pedro Tineo.
Good morning, Marita. I'm here. Thank you for taking my question. I would like to carry out a follow-up with you in terms of labor suits. In the midterm, the vision is that there should be a reduction. We end 2025 with 1.9%, with the expectation of reaching 1.5%. Which will be the scenario to reach that 1.5%, and when will this be achieved? Thank you.
Well, Pedro also wanted to know how this is going to happening. We're convinced that we're going to converge to that level of 1.5%. We always had a 1%, 1.1%. That change to 1.9%, 2%, there's a structural part. It's due to the new businesses we're in. They're more complex businesses from the labor viewpoint. The regions where we grew, we grew more in the hinterlands of São Paulo, a more complicated region. Last year, companies paid BRL 50 billion in labor lawsuits. This was historical, it has led to a sort of a downfall. 1.5%, we believe, is a feasible deal.
Now, how and when we're going to get there, it's very difficult to state. We're in this endeavor for some time to reduce the lawsuits that are underway at the execution phase. They're five or six-fold more costly than in the initial stage. We still have a way to go. I think we have had a significant reduction. When we look at the stock of lawsuits, the revision and execution, when we compare this with two years ago, we have reduced this by 50%. We still have 2,000, I believe, in terms of execution and review. Execution costs 10-fold more. The average ticket of the lawsuit that I close at execution costs 10 x more than if we close it through initial agreements. There was a change here.
We went from 2,200 lawsuits in December 2024 to 1,200 lawsuits in December 2024. This is a huge effort. It's very costly. We also have monetary reinstatement when you bring in an acquired company, and the age of the lawsuit is five or six years, you also pay for that cost. We have expenses here, of course. We didn't pay for that during the M&A. Looking forward, you see that our portfolio is changing properly. The percentage we have at present has a reduction of 50% in the more costly lawsuits. We've done something different from other companies in Brazil. We maintained the total number of lawsuits between 2024 and 2025. Not everybody discloses these figures, it's not common to have this efficiency in the closing of a lawsuit to stabilize the total number of lawsuits.
If you have a portfolio now and you forecast average ticket, the forecast is positive. Who knows, we can reduce it a bit more. Nothing too relevant. The coming year, we should have a convergence. Lawsuits in Brazil. GPS receives 1,200 lawsuits every month, and we close 1,200, so the stock is maintained. We cannot analyze 1,200 lawsuits with the necessary depth reading each of them. We have attorneys to do that. We have invested in technology. In January of this year, we put into operation a new system for the management of lawsuits. The CNJ, the National Council of Justice, will send to companies the new lawsuits. The companies will acknowledge receipt electronically. We receive the documentation of the lawsuits.
We cross this with our base of employees. We send the beginning of the lawsuit along with the collective bargaining convention. We have a deal with them. This summarizes the lawsuit. They propose a defense. They speak about the claims that are present. We have based all of this in technology. Now, we have to work in a systematic way, the reception of the lawsuit, the analysis of the lawsuit, the analysis of documentation. This is a path going forward. If you look at the number of lawsuits that came in in 2024, it was 1,400 per month, and now we have received 1,200 from the National Council of Justice.
Thank you.
Thank you very much. Very well. I think everybody has commitments. Today is a difficult day for you. Thank you all for your attendance.
Of course, we're at your disposal should you have future doubts. With this, we end our earnings call for the fourth quarter 2025. Thank you all very much for your attendance.