Good morning, everybody. Welcome to our 3Q earnings release 2023. I am Andre Damião from IR here in Direcional. Together with me is Ricardo Ribeiro, CEO, and Henrique Paim, our CFO. This presentation is destined to investors and analysts. It will be done like we did in the other quarters. We will present the results, the main highlights, and then afterwards we will open for Q&A. We would like to ask you, for those that pose your questions, use your raise hand tools here in the Zoom. This presentation is also being transmitted via YouTube, and the link and the presentation that will be transmitted, they are available in the IR site. This event is being recorded, and it will also be available in the IR site. I would like to give the floor to Ricardo, who will begin his presentation.
Good morning, everybody. Thank you very much for being with us once again in this earnings release regarding the 3Q 2023. I would like to begin with page three, which is a very relevant, which most important to go through the main highlights. Points we believe are very relevant with regards to the results that are being disclosed today, and somehow are very important to be very clear to all of you that have been tracking our results and our operations. Oftentimes, results aren't so clear in the release. So I would like to show you some highlights because they talk about Direcional's operations, what we have been doing, what we have been trying to do vis-à-vis the context we're in, not only in the country, but in Minha Casa, Minha Vida program that has gone through important changes and has positively impacted our business.
Well, I think the main highlight here, the net profit we delivered this quarter when adjusted specifically by swap expenses and also those that are not recurring because of the sale of receivables that ends in the third quarter this year. In the third quarter, we have BRL 83 million, 94% growth compared to the 3Q last year. When we don't consider SPV sales that happened in this year, this was the greatest net profit level that we delivered this year. Our annualized ROE, 20%, even after a capital increase that happened and was settled on July 4. Gross margin adjusted here 37%. Also the greatest levels in our history. It rose 0.5% quarter-after-quarter. Comparing the 3Q to the second quarter. And 2% when we compare this quarter to last year's quarter. 37% solid gross margin. Now 37%.
Another important highlight, our REF, our revenues to deferred revenue through when we compare the third quarter to the last quarter, when we compare it went 3.1%. This is important. This shows solid gross margins in the quarters that are to come. When works are launched with this gross margin that positively impacted our REF margin, when they are finished, this result will go through our financial statement and will impact the gross margins that we will recognize in the following months. Another thing that I would like to highlight here that is relevant, we in Direcional have been specifically during last year when the market was focused only in gross margins and concerned with cost increases in the sector in 2022. Now we are going through very solid gross margins.
We have always said, don't only look at the gross margin. Pace of sales, recognition of revenue. We've had gains in operational leverage, and this will impact our net margin. Don't only look at gross margin, although our gross margins are very resilient, as I showed in the beginning of the conversation. Look at what we delivered in one year. I'll give you some data compared the 3Q this year with the 3Q last year. As I said before, gross margin went up 2 percentage points, going from 35% to 37%. EBITDA margin, 6.2 percentage points from 18% to 25%. Net margin, 7.4 percentage points from 7.4% to 14.8%. We doubled the net margin in the company in one year.
I think that these points, when you look quarter after quarter and not what gain efficiency gains or the synergy gains, perhaps this is not clear. It becomes difficult to see what happened. Changes have been very significant, and this explains a profit growth of more than 90% when we compare the 3Q this year to the 3Q last year. Also, I would like to highlight a point that I've noticed the market has talked a lot about with regards to Direcional. Once again, I want to make very clear. This addresses the revenue recognized in the financial statements. Direcional now has some projects that are done in partnership with other companies, where the control of these SPVs are shared.
Thus, because of this shared control, we do not consolidate the results of these SPVs, but the results corresponding to our stake enters in the equity income line. Some important points here. When we simply show the consolidated revenue in our financial statements, there was a drop of our revenue when we compared both quarters, this year and last year. But the equity income line grew 65% in the 3Q this year compared to the second one. 37% when we compare the 3Q this year to the 3Q last year. If we add, if we sum up the revenue, when we manage all the portfolio, we do all the work, our revenue was linear when we compared the 3Q this year to the 2 Q last year.
Another important point that oftentimes is not noticed, the second quarter this year, that is 90 days ago in June, we sold seven SPVs to a real estate fund, and these seven SPVs had their consolidated revenue in our balance sheet in the 2Q, but not in the third quarter. These seven SPVs were responsible for a recognition of a gross profit of more than BRL 30 million in the second quarter. Of course, if all of this was recognized in last quarter, they will not recognize this quarter. But it is already recognized in our balance. It's natural. When you remove seven SPVs, you will impact the revenue in the quarter immediately after, right? This has not been considered from what I've talked and I've seen from some comments that have been made.
The fact is that since the revenue, considering the SPVs and the drop of revenue because of the sale of the SPVs and also the sale of projects to be launched, they were very successful. This 3Q, even with this reduction in revenue, our gross profit grew in a significant way this quarter when we compared it to the second quarter. Not disregarding the sale of these SPVs. It is important to stress this. A last point, as I just said, we had launches that were very successful in the 3Q this year, and this impacted not only the margin of our future results, but the amounts of revenue to be received, earned. We closed the second quarter with BRL 1.08 4 billion to be recognized, and this level went to BRL 1. 333 billion. 23% growth here.
Because of these works not having began, and because of the POC is inferior, is lower than the average POC of Direcional, the greatest part of this revenue was in the REF. This revenue will come once the works are finished with, which has this positive impact here. I would like to stress here that in our point of view, the results of this quarter clearly demonstrate the continuity of the efficiencies gain and the performance gains. Perhaps this is not so clear for the market as it is for us. I would like to go to the following page and show our data. I would like to show you the launches. On page five, you see that this quarter we launched almost BRL 1. 4 billion.
We reached BRL 3. 467 billion in launches, and this meant a growth of 18% of launches compared the 3Q 2023 to 3Q 2022, and 34% when we convert the first nine months this year to the first nine months last year's. In the last 12 months closed in September, we reached BRL 4.5 billion in launches, which meant, since 2016, an average growth of 27%, which is very expressive. Going to our sales on page six. This was the first quarter where we had net sales considering the social amount, [societary]. This includes the participation of the share of some partners here. Net sales over BRL 1 billion. This was a growth of 19% in relation to the same quarter, 2022.
When we consider the nine first months this year, we have reached BRL 2. 770 billion in sales, 20% growth versus the first nine months last year. When we look at the last 12 months closed in September, we have more than BRL 3. 4 billion in net sales. When we consider this since 2016, the annual growth, the CAGR, was 32%, which is very relevant. With regards to net sales speed was 17%. Direcional now was 15%, Riva 19%. Huge highlight here because this was a segment that was very challenging this year, Riva, right? It uses savings account funding. There was an increase in interest rates because of the increased of the cost of this funding. But Riva as performance was very surprising. The VSO, the sales speed was very strong.
It was the largest year in the last quarters. In June it was approved by an STF an increase of the cap prices of BRL 350,000. Riva products became eligible to have an FGTS funding when a family that buys our product earns less than BRL 8,000 and meets the requirements of Minha Casa, Minha Vida. Families began to be able to buy a Riva product starting from the change of these conditions. One considers the program Minha Casa, Minha Vida and funding with very competitive costs. The impact on the Riva operations has been relevant and this has become clear in the sales speed index that we have been able to deliver.
A highlight here to Riva because of the impact of the changes in Minha Casa, Minha Vida becoming more concrete this year. These are the main points in relation to our operational net data. I would like to give the floor to Paim to show us the financial highlights here. I will be available for questions at the end of the call.
Thank you very much. Thank you, Ricardo. Good morning, everybody. Welcome to our earnings release regarding the 3Q 2023. I would like to thank you for all your attendance here. One more quarter where we still are very focused, maintain the focus and strategic discipline, where we do the basic focused on low income and the economic segment through Riva without any distractions. We have the eye of the owner here. We are very proud to present the results of this 3Q here. We will share with you the financial data of this quarter.
This first slide, I would like to stress to you this comment Ricardo made on the revenue, about the revenue. Here to the left, we try to represent to you the revenue with regards to the SPVs we did not consolidate. This demonstrates clearly a growth of this revenue. When we look at only the SPVs that are consolidated in the balance sheet, we have a slight drop. When we consider all the SPVs, we can clearly see an important result. We always comment in our earnings release calls that our business depends on launching, selling, building, and then receiving the revenue according to the advance of the works and sales. This has happened. Circumstantially, this has happened more relevantly in the ones that have been consolidated. We clearly noticed an expressive growth, BRL 693 million in the 3Q. We grew 16% when compared this.
We reached BRL 804 million. The nine months consolidated here, we reached BRL 2.3 billion, considering [910]. Gross margin has had a growth trend here. A third quarter where we reached 37% gross margin, going from 35% in the third quarter, the nine first months of 2023, 36.6%. Clearly, we can see the effects of our governance, our pricing governance. The committees continue happening every month. Prices are increasing every month. We can still transfer the prices. We have had good news here in a more latent way, a drop in the price of material. This has a very positive effect, allowing us to look into the future with a very optimistic point of view with regards to the gross margins. The next slide here, I would like to share with you our performance in terms of SG&A.
We continue with a very strong work here, digitalizing all the processes. We reached very recently 180 RPAs in back office operations. This has allowed us to support the growth of the company, which has been growing in a lower proportion in terms of SG&A. When we look at SG&A over the gross revenue, we have 5.3% in the third quarter. Net sales 4.5%. In the first nine months, our SG&A has been kind of flat in relation to the gross revenue, in relation to net sales. Now we will continue doing this operational leverage, and we will continue digitalizing our processes, bringing technology to our process, programming RPAs with AI. W e have important gains in the next quarters using technologies in our favor.
To the right, a fantastic work we have been doing, maximizing and improving the commercial performance. Selling more, paying a commission percentage which is lower, spending less with marketing also, obtaining important results here. In the last quarters, we talked about our focus to improve this performance of the sales and of the commercial sale, expenses, since we had potential. This has happened, and we have been able, through much management here, to use this movement of drop of commercial expenses, leveraging our bottom line. Here we have the Adjusted EBITDA, which demonstrated the positive vital signs of our operations.
To the right, we have BRL 140 million in EBITDA, 25% of EBITDA margin. A significant growth relative to the second quarter, a trend of growth here. When we look at this EBITDA further on, if the normal conditions remain, we believe it will grow. If we maintain the SG&A under control, we will see this EBITDA growing.
The first nine months of 2023, 22.9% of EBITDA margin compared to 19.8% in the first nine months of 2022. Next slide. As has been mentioned, we have grown the revenue in a significant way in projects we have now consolidated. We presented this in the beginning of the presentation. The results of these SPVs not consolidated are recognized through equity income. This has grown substantially, demonstrating that these SPVs that are not consolidated has generated important results, and this line has had a relevant representativeness in our total results. To the right, we have been talking during all these quarters that the stake of minority interest in our SPVs have been very important. When we ramped up, we have been doing this ramp up of launches, specifically in that moment when we were inaugurating new regions of the country. This is not the scenario anymore.
We are not doing this anymore. This minority share has been dropping. Since we carry all the work here, engineering work, works, management, backups, accounts receivable, all the work is with us. To recognize, we recognize these results to the shareholders, almost BRL 36 million, and we tend to continue seeing this trend in the reduction of the stake of minority interest.
Next slide, please. As the results of this equation that we presented in the last slide, we can see clearly an increasing growth profit, 14.8%, compared to 7.4% in the third quarter 2022. Substantial growth here, results of the operational leverage. The last nine months, we have reached a 13.2% net margin, compared to 8.3%, and an ROAE of 19.5%. Net profit of BRL 83 million. Very strong results here, and we are very proud to present to you and share these numbers of the third quarter with you.
When we look, we see in the pipeline, we have very positive expectations here because of the growth here of the revenue. Works, we have a very relevant track record here. We have now our work to do here is to keep up with the engineering where we have a strong execution DNA. We are in keeping with what we have been doing and remaining with SG&A expenses under control, which will be very positive for our net margin, showing this positive track record we have had. Lastly, and as important as everything, we have settled with success the follow-on. There was a demand 6x more under the supply. Our cash reached BRL 1.341 billion, more than enough to pay all the indebtedness of the company, which is BRL 1.252 billion. We have BRL 89 million left.
We have here a debt amortization schedule, very well distributed. Capacity to access capital market, recognition of our credit quality, which is with longer deadlines. Current capital, net current capital of BRL 2.5 billion. Our credit lines, they like this indicated. This index, it shows a lot, very solid operations. AA A rating. We are the only low-income company with this AA A rating. We are very happy, and perhaps it is the best credit situation in the company. Now I would like to go to questions and answers. Once again, thank you very much for your participation here in these earnings release.
Now we go to questions and answers. The first question, Bruno Mendonça, Bradesco. Bruno, you have the floor. You have the floor.
Hello, everybody. Good morning. Ricardo, Paim, Andre, thank you very much for the presentation. I would like to ask about the pricing strategies that you have. What drew our attention is the increase of the REF margin quarter after quarter. 3 percentage points from one quarter to the other. This is not very usual. Concerning to me, because this REF margin increase probably comes from the sales of new launches, so I believe. If this is true, can you tell us more about the pricing discussions here? As far as I have understood, there was an idea of this being more aggressive here in terms of the VSO or the net sales speed and Pró-Soluto reductions. If you could tell us about the pricing strategies, the evolution of the Pró-Soluto, and the main reason for this REF margin to have grown so much quarter after quarter.
What are the new measures we are in November, but we are talking about the results of the 3 Q, the new cap entered in July. Is this already a result of all of these actions that have happened? Could you tell us what is to be expected here?
Bruno. Of course, all the adjustments that were done and announced somehow have an impact in the results that we delivered this quarter. The Riva net sales speed, margins, REF margins, reported margins. Of course, we have had a strong growth, not of the REF margin, but the margin also grew, but we are talking about the absolute value of the future revenue, which grew more than 20% when compared the 3Q relative to the 2 Q.
This demonstrate that these were sales that came from recent launches, sales, and the low POC has very little result in the financial revenues. It is future revenue. This impacted significantly the growth of this amount to be recognized in the future. Since the margins of these launches were very strong, the Riva margin was relevant too. Trying to show you the greatest part of these launches that were extremely successful and impacted not only the amount of future revenue, but the margin, they came from Riva. This segment had a very positive impact for us. These are projects that had solid margins, and naturally, it did not go through the financial statements because it happened in the past. This makes us very optimistic, specifically if the benign cost scenario remains. This clearly should reflect in the gross margin once the works are done. Mostly are Riva, right?
It is not that there was a change in the pricing strategy of the products that are already available for sales. No. When we analyze the current perspectives here and the scenario, specifically a gross margin level that we are delivering, the growth we had in the level of launches and sales, because once works are carried out, this materializes in the revenue. It is natural that this strong growth demands working capital. This is why we did a follow-on of the market now at the end of the 2Q, and settlement occurred July this year. This working capital will be used in our activities in the growth process. This resource will be used to supply this need for working capital because of increase in our operations. Once we speed up sales, this will demand less capital.
This is one of the main points that we have here today that is key in our operations and that we will go for in the Direcional operations. This increase comes from Riva, and the Riva net sales was record in the last quarter. Our products are very well priced. We are not losing net sales speed because it grew with the growth of margin. Everything is okay. Everything is perfect here, right? Our focus really is the gain of net sales speeds in the Direcional segment. Obviously, quarterly analysis when launches can happen in the last month of the quarter, so we do not have a full three months to commercialize a product. You might have a false feeling that the VSO is lower, right? You only had one month here.
When you grow the pace of launches, the reported sales speed is lower than the real sales speed because we have these three months. This might happen. This increment in net sales speed is a priority so that the need for working capital is the smallest possible because of the growth here. In terms of Pró-Soluto, we have tried to reduce the Pró-Soluto percentage we have had here in the company. We are being more cautious here with the granting of credit. We know these families have been impacted, not only because of inflation. It is more controlled, but naturally, this impacted the credit of these families. We have used this moment to be more rigorous to enhance even more the credit grant via Pró-Soluto. We have done adjustments.
The percentage granted as Pró-Soluto in relation to the total amount sold by the company has dropped. We have changed the policy in the way these payments are done. These are some internal strategies and in our view, in time will reflect in reduction and also reduction of default. Perhaps this is even more important here.
Just to add to this, Bruno, with regards to Pró-Soluto, in the areas where we have a more nervous type of Pró-Soluto, we have reduced the income commitment necessary to go through the credit screening, credit demands, right? We have done this effort to reduce income commitment so that the family can pay, specifically in Caixa Econômica and the Pró-Soluto we grant to allow for the financial equation for our client, financial possibility for our client.
But as a percentage of the value of the unit, you can see it is slightly lower at the moment. But we are more focused in the reduction of the duration. The impact in default is greater, and perhaps here in some months, we will have more concrete and real data to share with you.
Okay. Thank you.
Thank you very much.
Thank you, Bruno. Next question, Fanny, Santander.
Very quickly, Bruno, very quickly. If I said that that line didn't change, how come the duration didn't reduce? We capture more in the beginning. Okay?
Great.
Fanny, you have the next question. Your mic is on.
Can you hear me, Andre? Okay. Good morning. A follow-up here with regards to Bruno's question. Ricardo talked about the accounts received.
I would like to understand the margin behavior in Direcional. Have you seen an improvement in the level of margins of Direcional launches, which I believe will be more representative? This is my first question. Second. Industry. Could you tell us a little bit about the STF, what you are seeing here? There is an expectation that this was going to be postponed again, would go for 2024. I would like to better understand with regards to this. Also, what you believe in terms of Future FGTS. Do you see any movement from the Caixa in this sense? These are my questions.
Fanny. Margins of the Direcional segment. I would say that launch margins had a greater increment in Riva than Direcional. This is because of what we saw in terms of this quarter's results. Direcional focused in net sales speed.
But what has happened since project launched, at the end of 2021 and beginning of 2022, there were more impact because of price increase, cost increases last year. If the margin set up as a trigger at the moment of the launch remained in the same level, the hurdles that we use, if they are the same this year, then it is natural that launches this year, where scenario is more benign in terms of cost increases, they are going through a financial statement with higher margin, better than last year. So once all the launches are delivered and has less representativeness in our revenue, the Direcional margin rises. This is because the ones in the past had a better impact because of what happened last year. Currently, the launches now, we have not noticed this. These are harvests with lower margins leave, with better margins enter.
This does not mean that the trigger for launches was altered. None of this. The consolidated in terms of recognized margin rises because of the different margins in the different harvests. With regards to the STF, the Supreme Court, Fanny, they are the same news we have seen in the media, right? Perhaps there might be a postponement. Up until now, we have had nothing that is different. We are waiting to see if there is going to be a decision today or if there is going to be a change. I have no different type of information here. They are the same as has been shown in the media, which are very public, right? I think that what is very clear in the last weeks is the relevance of this decision for a very important segment of the country, which is low-income houses, basic sanitation, health.
These are segments that are financed by the FGTS. They are long-term segments, right? Demands competitive costs. An eventual change, considering the relevance of the STF from a social point of view here for the country, might have very negative impact. I believe from what we have seen and read, they are trying to mitigate this at this moment. Nothing very different from this, but we had the expectation that when all this information becomes public and when details become clear for society, then the vision with regards to the decision will change, and we will be more optimistic with the results. I believe that this is very important for our country, employment, jobs, and health, for social development, and for everybody that is involved in the operations of the different segments that FGTS finances.
With regards to future FGTS, I do not have a precise date to show you here. What I can say, it is still a priority. There was a change in Caixa, that we have a new CEO, and this might have impacted the different areas of the bank. I believe that it will come into effect within the schedule established by Caixa, which will be now in November. I do not have a specific date here so that this future FGTS comes into effect. It is important to stress here, FGTS, once it is implemented as imagined, I believe that this measure announced with regards to subsidies, the change in curve, deadlines, and interest rates reduced for certain income levels, perhaps this will have the greatest impact in the inclusion of families in our market where we have customers that can purchase our product.
I think that this measure, once in effect, is very positive, specifically for lower income families that are the ones that most need the program. This is a measure when implemented, certainly will have an important impact in the inclusion of families. Consequently, the net sales speeds up the product, specifically for these families, where the future FGTS will be implemented for the low income families.
A follow-up with REF. According to when you launch in Direcional, its relevance here, might this REF drop a bit? Because Riva has a larger margin than Direcional. Can REF return here if you have more launches in Direcional?
Fanny, I am always very careful with the reported gross margin and what should be the recurring gross margin of our business. Consequently, the REF margin. The gross margin is a consequence of the REF. Everything is very linked here.
REF becomes gross once the works are executed, obviously with some adjustments here, some differences here, but one is based on the other. We have a gross margin and a REF margin that is very healthy. Both are very healthy and in levels that, in my point of view, are superior to what should be when we look at the past. The recurring margins of our business. I wouldn't say that this is going to change or that there might be an impact in the gross of the REF margin in terms of reduction here in the next quarters. It is difficult to say how the market will behave in the short term. But even because we are operating with gross margins over 34%, right? In our view, this is something that is recurring and has been happening for some years now, right, Fanny?
Somehow, since I'm very careful by saying that REF and gross margins, recurring ones, are lower than the levels we have been delivering in the last quarters. I can't say when this will happen, because it's been some years now where we've been able to operate over those levels that, for us, were historically recurrent. If Direcional gains more relevance, certainly the REF and the gross is lower, but the working capital is greater. This doesn't mean it will impact the ROE of the company. It's lower in Direcional because of need for capital and a return over equity reported ends up being greater than Riva. One can't simply say margins might be impacted, but return might be impacted in the opposite sense than the margin. Obviously, if Direcional gains representativeness, this doesn't mean that it will be a lower return. This must be very clear.
Thank you.
Thank you, Fanny. Next question, Andre Mazini, Citibank. You have the floor.
Hi, Ricardo, Paim, Andre. Thank you for the presentation. My first has to do about guarantee that was recently approved. It seems that several types of fundings will be allowed for based on the same real estate as a collateral. What does this mean for Direcional? Could the Pró-Soluto have a collateral too effect? Can you imagine this in the future? Direct impact, rignt, this should facilitate home equity, the impact in the home equity. Several loans, right, based on the same property. The new CEO of Caixa. Every time things might change here, specifically with regards to housing. Do you believe there will be a change in strategy in the operations and i f people below this vice presidency here should change or should remain?
Andre, yesterday we had a conversation. On Monday and Tuesday this week, we had conversation with regards to the benefits that this guarantee milestone, this brings to our business. Here we're talking about the Pró-Soluto that might have a second guarantee. This is already being much discussed and studied here and is very positive. There might be positive impact. Our expectation is that this will be very positive. In Direto, it's the same thing. There is an impact, but here we see interest rates closing. I think that in Direto, in last three years, we've been going against the winds. Instead of Direto having less than two years operations, winds have gone against it. Now things are opposite, are inverting. It seems that every day winds seem to blow in our favor.
Direto consumes more capital today. We are very disciplined with our operations to generate cash and to stand alone, not depending on partners to contribute with capital. We are very positive here, but not only by the guarantee milestone, but a scenario we believe will be a reduction of interest rate and capital costs, which will be very positive here. Also, for the Pró-Soluto here, this is something we are very focused on, trying to analyze this as fast as possible, because this might be very positive in the short term, a little more for Direto, but everything is a novelty. We are excited with the new perspectives. We just need to confirm some points that are ongoing.
Caixa. The Caixa team, when we talked about the real estate area, which is the main area of Caixa, with which we deal with every day, the team is extremely competent. It is a benchmark, not only in Brazil, but the whole world in terms of real estate credit. We have seen several managements ever since Minha Casa, Minha Vida was announced, different governments, different Caixa managements, administrations. No impacts here, no problems in transitions here, transactions. The technical team has always been very competent and solid. We are absolutely at ease with Caixa's operations. Everything that happened in these last 14 years, we have had no problems with operations here, and I believe that now this is going to be the same. We do not know how the vice presidencies will be. But everything, this is something that currently we should have an impact.
We do not even know if there is going to be a change. We are continuing with life with no alerts, no red lights, specifically with regards to routine. Perhaps we might have some change, what Fanny said, the future FGTS. I think that if there was an impact, if it was unnoticeable, but perhaps certain policies, certain matters being discussed in a macro, there might be an impact. But in our daily operations, it is no change whatsoever, specifically with the macro, nothing changes. But in our daily work and routine, zero impact.
Thank you very much, Ricardo.
Thank you, Andre.
Gustavo Cambauva, BTG Pactual. You have the floor.
Hello. Good morning, everybody. I would like to ask two questions here. The first one, Paim mentioned in the presentation with regards to the administrative expenses and sales. The company has been growing a lot, and expenditure is at a level that is very similar to last year with the reduction of fixed expenses, right? I would like to understand if you would have to reinforce some structure in the team, sales or administration for next year, right? Because of the increase in launches and sales that you are imagining. Should we work with an increase or should this be in keeping with inflation?
Second question, the sale of portfolio. Do you think of doing something here in terms of sale of portfolio, specifically the follow-on, the deleveraging of the company? If it makes sense to continue with these operations, or do you believe that you should carry this portfolio a little more in the company?
Thank you. The first one. I will answer the first one, Paim, you do the portfolio. Expenses dilution, I mentioned in the highlights. In nominal terms, when we talk about commercial terms, the first nine months this year, we are spending BRL 5 million less than the nine first months last year. We sold BRL 470 million more. When we look at the work that we have been doing in the company relative to expenses, which is the gain we've been able to deliver in terms of operational leverage, where the gross margin grows 2%, EBITDA grows 6%, so net margin doubles. There is a strong merit with the work that has been done. We continue very disciplined in terms of expenses. It is difficult to say whether we will continue with inflation, for example, because I see a growth of revenue that is still very strong.
When we consider the revenue with regards to non-consolidated SPVs, which is fair here, we're launching 55% more than the revenue received when we consider the last 12 months. So launch pace is still surpassing revenue. There should be an increase in operational leverage here. However, compare the growth of expenses with inflation. Perhaps it's not inflation. Trips and tickets, airline tickets have grown, so operations has grown a lot here, but it will grow less than the revenue, right? I still see operational leverage. Commercial expenses here, one does not even talk about percentage here. We'd reduce this in nominal terms. So relevant part of this work is reflecting in our financial statements. We have some things with recent operations, some areas where we're gaining in market shares here.
I think that the work was very strong here, and in keeping with what we said to you in the last quarters. I think we are certainly complying with what we have been saying in the last earnings release in all these calls. It's clear in the numbers we delivered this quarter.
Just to add to Ricardo's, just to give you an example, the back office here, which deals with our accounts receivable, accounts payable, all the back office. Four years ago, we had the same amount of headcount we have today, and we are at the end of the discussions for the 2024 budget, and we do not see an increase of not even one headcount.
Certainly we will continue seeing the capacity of the operational leverage of the company continue growing, recognizing more revenue with a very controlled G&A, a growth at a pace that is significantly lower than the growth of the revenue, and thus using all the benefits of a stronger bottom line. I'm convinced about this. The sale of the portfolio. We are always open to analyzing opportunities. Capital costs for us is important. So the discount demanded for the acquisition of these portfolios is important. We don't need to sell additional portfolios. We will only do this if we notice that there is an opportunity, like we noticed in the last sale of portfolio. We did a follow-on. We have net investment yield application here. If we see an opportunity, lower interest rates and credit spread, we see an opportunity that makes sense, we can do it.
We have good portfolios to sell. It is important the real estate funds continue. Even the ones that bought our portfolio in 2020, they are still contacting us to buy real estate receivables in Pró-Soluto. We will analyze everything on a case-by-case basis. It will depend on the spread that will be demanded by these investors.
Thank you very much and have a very good rest of the day.
Thank you, Cambauva. Mariangela Castro, Itaú. You have the floor.
Good morning, everybody. Thank you for your presentation. I have two questions. Cost dynamics in the company. How do you see the different labor costs in the different areas you work in? Also some news that came out this week, the income level. Do you have an expectation with regards to these new rules?
Mariangela, with regards to cost, we are in a very comfortable scenario. São Paulo is the area where we are more cautious with labor availability. There has been a great amount of launches and labor costs are greater. There are greater challenges. Although we do not have a very great representative, it is very diluted here. Clearly you will not see an impact here in our margins. São Paulo is an area that has a greater demand for labor than the other areas in Brazil. With regards to the BRL 12,000, I think if there is a funding, if this funding availability equation is okay, then the news is just fantastic. Many families in the Riva segment will be potential buyers of our product.
We have to be very cautious here, understand the funding, where it comes from, because we are here to be in the long term, something that is sustainable, not to have huge demand for one or two years and then a drop of demand here because of funding reduction. It is a little early to make some kind of comment here. We should try to understand how this can materialize too, so that I can give you an opinion in it. In a first analysis, just fantastic, but we have to be careful here because of funding availability for this potential new demand that would come as a result of this.
Thank you very much.
Next question from Ygor Altero, XP.
Hello. Good morning, everybody. Thank you for the presentation. Two questions here. We saw a strong acceleration of the Riva net sales speed. I would like to understand if this greater net sales speed level, do you believe it is sustainable or should it stabilize in this level? Second question, if this dynamic, the revenue growing less because of a stronger equity income stronger, right?
Riva, we are optimistic with the Riva business. It is positive, specifically with an important part in our products in Minha Casa, Minha Vida, right? We continue with a strong demand. It is difficult. I think it is in a very healthy level. Works execution is longer than Direcional. It is a healthy net sales speed index. We do not see. I believe that nothing is outstanding for having reached 19% this quarter. I think it is normal in Riva operations. Can you ask your second question again?
A lower revenue. Can you answer this for us?
Ygor, our vision is the following. We have had a contracted revenue growth. It is very relevant. In the last 12 months, we have launched BRL 4.5 billion, and there is a revenue gap that is important to close here. I believe that certainly we will see revenue growth, independent whether this will be with non-consolidated SPVs. The results will happen, obviously. Projects are performing well. This will impact the equity income. However, in my point of view, in the pipeline, perhaps not the next quarter, but the gap will be closed to revenue in relation to sales. We will continue delivering growth in revenue, independent of non-consolidated SPVs.
Thank you very much, Ricardo, Paim, Andre.
Thank you, Ygor. Next question, Rafael from Safra.
Good morning, Ricardo, Henrique, Andre. Two questions. First one, a follow-up with regards to STF. Considering the worst-case scenario, if the savings account compensation changes, I would like to know if you have an estimate as to how this could affect the program in relation to the budget, considering that this year it is almost BRL 100 billion for Minha Casa, Minha Vida. Second question, I would like to talk in more details about new state programs, housing programs here in São Paulo. We have already had Casa Paulista, but I remember that in other states, there has been a strong incentive to create programs here with regards to affordability. I would like to know if you have any news here that you could share with us here.
STF. To compensate for the savings account, we only see subsidies here. We do not see liquidity here for credit granting. There is no funding restriction, but there is a cost redirection here.
The impact to pay for funding via subsidies, we certainly see a deficit here. There is not enough profit when we look from here on, when we do all our calculations to pay for savings accounts based on these deposits. We would have to find a way out to find a way to pay for this if there is no other kind of modulation. We do not believe that this is a probable scenario because of the impacts that have become very clear in the last weeks. Impact in the subsidies. The people that are more penalized are lower income families. This is a measure from a social point of view. Impact, the lower income companies, subsidies would become zero, and there would not be enough resources by the FGTS to pay for this.
The trauma are not the higher income families, but the lower income families. That is the problem. As I said, this is not going to be a very probable scenario. In case this happens, we have to try to understand the government measures to see the program here from here on. State programs. We have seen several states involved here, not only in São Paulo, but Amazonas, several municipalities. I think when there is a routine here, because everybody wants this, right? I believe there is going to be a standard so states can fit in this. You cannot customize everything here, right? There might be a relevant impact, specifically with lower income families, and this would come as an extra subsidy, purchasing capacity for lower income companies. No state is perfect yet at this moment here, right?
It is in final states, and there is a lot of interest, and this is a future, is another point that might have a relevant impact in operations in the pipeline. It is too early to consider anything here, right? Perhaps it is too optimistic, but it is most probable that this happens very soon because it is a priority, not only for the states, but also for cities.
Thank you.
Thank you for the question, Rafael. We have more questions here. Now, we have no more questions here, so I will give the floor to Ricardo.
Well, once again, thank you very much for the participation. I think that perhaps I have been able to show you the messages, Paim's support here. I have given you some important messages with our operations. Thank you very much again. I would like to say that our team are at your disposal for any more questions. We continue here with our work. We believe that this resilience, this operation, somehow, this very consistent operation will remain in the next quarters. This is the scenario we see now vis-à-vis our business, the program. Somehow we are very optimistic to what we have seen, the perspectives. We are going to do our very best to deliver the most consistent results for our customers, employees, and shareholders. Once again, thank you very much and have a very good day, everybody.