Good afternoon, ladies and gentlemen, and thank you for waiting. Welcome to the earnings webinar, LPS Brasil, to discuss the results of the third quarter of 2024. This event is being recorded, and all participants will be only listening to the webinar during the presentation of LPS Brasil. Then, we will start a Q&A session in which participants will be able to share their questions through the Q&A platform using one of the buttons below, according to the instructions on the screen. For those who wish to follow the webinar in English, it is possible to listen to the simultaneous translation, clicking on the button that is identified below. The presentation link in English is available in the chat.
Before proceeding, we would like to clarify that any statements that may be made during this webinar regarding business prospects of LPS, projections, operating and financial goals, constitute the beliefs and assumptions of the company's management. Forward-looking statements are not a guarantee of performance and involve risks and uncertainties and assumptions as they refer to future events, and therefore depend on circumstances that may or may not occur. Investors and analysts should understand that general conditions, industry conditions, and other operating factors may affect the future results of the company and lead to results that differ materially from those expressed in such forward-looking statements. First, Mr. Marcos Lopes will make the introduction and present the operating results, followed by Mr. Francisco Lopes, who will present the results of CrediPronto. Cyro Naufel will talk about the financial results. After that, we will start the Q&A session.
Therefore, I would like to turn the floor to Mr. Marcos Lopes. Mr. Marcos, you may begin.
Good afternoon. Thank you for participating in one more conference call of LPS Brasil, in which we present the results of the third quarter of 2024. Taking part in this presentation, our Vice President, Francisco Lopes Neto, our Investor Relations Officer, Cyro Naufel, and our CFO, Robson Paim. The company demonstrated for yet another quarter its commitment to results with consistent operational and financial performance. We remain attentive to macroeconomic issues, such as rise in inflation and interest rate variations, which may impact availability and cost of funds for launches in real estate financing. We participated in 54 launches that reached almost BRL 10 billion in general launch value, with a large percentage concentrated in Rio de Janeiro and São Paulo.
In São Paulo, specifically, we observed a robust recovery in the number of projects launched, given the postponement that occurred in the previous quarter due to the review of the master plan and the lack of approval of projects by the City Hall. In terms of volume sold, Rede Lopes, with its 198 stores, reached BRL 3.7 billion in intermediation in the quarter, with almost 70% of this volume concentrated in the states of the southeast. CrediPronto also generated satisfactory results in this third quarter, following the growth in the volume of the real estate financing market, which had a greater availability of funds to generate financing. CrediPronto financed more than BRL 1.2 billion in contracts in the quarter, with a market share of 6.2% among private banks, showing a good strategic market positioning.
Due to this performance, the company's EBITDA margin was 39.4% in the quarter and 35.4% in the last 12 months, which is the best margin obtained by the company since 2014 for EBITDA. After these initial remarks, I would like to move on to the presentation, starting on slide four with the highlights of the period. Lopes own operations and franchises participated in 54 launches in the third quarter of 2024, reaching BRL 9.7 billion in launched volume, a number 81% higher than the third quarter of 2023. The total transactions closed brokered totaled BRL 3.7 billion in the third quarter of 2024, an increase of 39% compared to the same period of last year. CrediPronto's volume generated BRL 1.2 billion in contracts, which represents an increase of 81% compared to the third quarter of 2023.
Regarding financial results, the EBITDA margin reached 39.4% in the third quarter of 2024, 1.3 percentage points higher than the third quarter of 2023. As I said above, in the last 12 months, the EBITDA margin was 35.4% and it is the highest margin in the last 10 years. Net income before IFRS increased by 22%, totaling BRL 14.9 million in the third quarter of 2024. Moving on to slide five, we'll comment on the launches of Rede Lopes in the third quarter of 2024. Rede Lopes launches totaled BRL 9.7 billion in the third quarter, 81% higher than the same period of last year. The state of Rio de Janeiro launched BRL 3.8 billion in the quarter and surpassed the state of São Paulo in launches.
As we can see on the map, the launches in the year have a diverse geographic distribution, which despite a strong presence in São Paulo and Rio de Janeiro, also included Espírito Santo, Paraná, Goiás, Amazonas, Bahia, Ceará, and Paraíba. Continuing the presentation on slide six, we see the results of brokerage or intermediations. In the second quarter of 2024, in the consolidated result of Rede Lopes, the company intermediated BRL 3.7 billion, 39% more than in the same period of the previous year. Rede Lopes ended the third quarter present in 26 states and the Federal District, with a total of 198 stores. On the next slide, number seven, we present the intermediation of Rede Lopes by geographic region of Brazil.
The state of São Paulo accounted for 39% of the intermediated volume in the quarter, totaling BRL 1.4 billion, followed by Rio de Janeiro with 26% and BRL 964 million. The other regions combined accounted for 35%, totaling BRL 1.3 billion, with emphasis on the south region, with BRL 606 million of intermediated volume. On the next slide, number eight, we present the division of Rede Lopes intermediation between primary and secondary markets. The primary market accounted for the majority of Rede Lopes intermediations in the quarter, with 77% of the intermediated general sales value, and 75% of the units sold. The average ticket in the primary market was BRL 852,000, and at the secondary market, BRL 728,000. Moving on to slide nine, we present the company's evolution and indicators related to Lopes Labs.
In the chart at the top, we can see that organic visits to Portal Lopes continue to increase and exceed historical marks, reaching 11 million in the last 12 months, a volume 14% higher than in the third quarter of 2023. Leads from organic search generated by Portal Lopes totaled 185,000 in the last 12 months, and 29% higher than in the third quarter of 2023. Those were my remarks regarding the operating results. I now turn the floor over to Francisco, who will speak about CrediPronto, and then to Cyro, who will present the company's financial results. Thank you.
Thank you, Marcos. It's a pleasure to be here again, to be able to present the results of CrediPronto, which we're very proud of. This is an operation that performs very well. We noticed the resilience of the real estate credit industry of Brazil that is now mature and is trying to grow even more. Given the demand, there's a lot of room to grow, and also because of the structure of our credit facility systems, using the mechanisms we have with a very good structure and delinquency rates that are quite low. This is a segment that is very beneficial for the company and the industry as a whole. In the last quarter, the origination volume has grown with more than BRL 1.2 billion. That means more than 80% if compared to the same period of 2023.
If we look in the last nine months, BRL 2.5 billion, and we see that this 9%, which is the BRL 2.5 billion against BRL 2.3 billion, this 9% will increase as we show the results for the next quarter. Caixa Econômica made a change, which was not so structural, but limited the credit volume to BRL 1.5 million. This is not responsible for our growth. What is causing our growth is the positioning of CrediPronto, which is well-positioned in the market, and the fact that it's present with the main players as small real estate dealers, brokerage firms, and real estate brokers. We are present in the market, generating a large amount of financing despite the increase of interest rates recently. I don't think this reduced the volume of credit facilities increased.
On the contrary, we believe there is still room for growth despite the increase in interest rates. Our portfolio is quite healthy, almost reaching BRL 16 billion, and we'll get there by the end of the year. This shows our performance in adding more customers constantly. The next slide, we see basically what we mentioned in terms of origination. It's interesting to mention here the profit sharing that we're paying, BRL 10.5 million and BRL 8 million of profit, sharing BRL 10.5 million by paying commissions and BRL 8.5 million in terms of profits that are shared in the partnership we have with Itaú. Loan-to-value has changed a bit, but not very significant. It was 65% when compared to 73% in the last nine months. We have more than 1,500 new contracts in the first nine months of the year. Three times more in terms of time, we had 400.
We have grown a lot in this quarter. Also given the increase in interest rates, people want to close the negotiated contracts to maintain the initial interest rates agreed to at the beginning of the negotiation. Next slide. Now we see the monthly net result recognition in the results of LPS Brasil in the months of June, July, and August that make up the results for the third quarter. September ended at a volume of BRL 2.8 million. Our structure has been resilient, as mentioned previously. The scenario I see based on the news of savings and SBPE, something that I consider an interesting sign to keep track of is that in the beginning of January, the total balance of funds from SBPE was BRL 734 million. This is composed of the inventory deposits made on savings accounts and also withdrawals from savings accounts.
So that either increases or decreases. If we look at September of 2024, this BRL 634 billion has reached BRL 764 billion. So the volume has grown. That is the overall volume available for funding. This addition of BRL 30 billion shows that a funding that is a source of funding that is resilient, is available, and it is a very well-known structure within the engineering of real estate industry. Buyers look for that type of credit, and default rates have been very low. The real estate credit structure in Brazil works very well. Another important point is that at the end of 2019, before the pandemic, this same balance of SBPE was BRL 650 billion. So today, the market went through the pandemic, deposits, a lot of withdrawals, families got indebted. They used savings to pay debt after the pandemic.
Now the industry has almost BRL 100 billion more in terms of funds than it used to have at the end of 2019. So that is before the pandemic. That is the additional comment I make about the current structure of the savings and loans structure. These were my comments about CrediPronto. We are very confident given the performance of the company. Now I turn the floor over to Cyro to talk about the financial aspects of the company. Thank you. Have a good day.
Good morning, everyone. Thank you, Francisco. We will now start the presentation of the financial results of the company. Starting on slide 13. We see the net revenue broken down by segment. On the chart, we can see that in the third quarter of 2024, the company had a total net revenue of BRL 52.4 million, 17% above the same period of last year. By segment, we see intermediation accounted for 56% of the total net revenue in the period, 31% was from CrediPronto, and 13% came from franchises. On the following slide, number 14, we can see in the last 12 months view, the net revenue broken down by segment. In the intermediation accounted for our brokerage 57%, franchises 16%, and CrediPronto accounted for 27% of the net revenue of the company in the last 12 months.
Moving on to slide 15, we see that costs and expenses broken down in the last nine months compared to the same period of 2023, there has been a decrease of 4%, showing that we are always looking for higher efficiency in processes. When we break it down by segment, in the last quarter of 2024, the third quarter of 2024, the volumes of expenses regarding our own operations, the ratio was stable with a change of 3%.
Franchises went from BRL 2.4 million to BRL 3.8 million, an increase of 59%, and CrediPronto, 27% increase due to the reasons explained by Francisco. In the lower chart, we can see the historical series since 2009 with the dissection by transaction. And we can see that the company continues to seek efficiency in its processes, reaching the lowest level of expense by transaction around BRL 7,500 in the last 12 months viewed.
On slide 16, we see the historical series since 2014, the EBITDA margin and EBITDA value. In the third quarter of 2024, in the last 12 months view, we have reached the vast EBITDA margin in the last 10 years at 35.4%. On slide 17, we see the IFRS impacts in the results of the company. These refer to amortization, net gains and expenses with non-liquid cash effect, deferred IFRS on intangible assets, calls and puts of LPS Brasil, and non-controlling shareholders, and such impact that resulted of BRL 5.42 million negative.
And in order to better understand the results of the company, we recommend analyzing it without IFRS impacts, since they do not have an effect on cash. On slide 18, we show cash generated from operating activities, cash from operations, BRL 12.3 million with a total cash of BRL 43.59 million. That is 90% higher than the third quarter of 2024.
We have total availability of cash and cash equivalent of BRL 65 million, 6% higher than in the last quarter, and 10 million shares available in treasury stock. Now, we open for the Q&A session. Thank you.
Ladies and gentlemen, we will now start the Q&A session. To ask a question, please use the Q&A platform. Please wait while we collect the questions.
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We have compiled the answers based on the main questions asked by our.
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The people attending the call. The first call is about the average rate of loan agreements by CrediPronto and whether they have an annual fixed rate.
The average rate at CrediPronto at the last quarter was 10.7%. And yes, almost all the agreements today by CrediPronto are made at a fixed annual rate plus TR. The trend is for it to go up a bit, because there was an increase in Selic interest rate.
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There will probably be an increase in interest rates from private banks, including Itaú Unibanco. The second question was about the increase in the cash. If we expect to cancel Treasury stocks and launch a new share buyback program. None of those options are being studied by the company's management. No decision made about that. Finally, some questions about the renewal of the agreement between CrediPronto and Itaú. This contract has been in force for four years, and there are no conversations to renew it. We haven't started any conversations about that. Finally, a question asked about the reduction in the total number of brokers of the company all over Brazil.
This is a reflex of a higher efficiency in the company, in the sales teams, by using digital tools and digital processes, which bring greater efficiency and a smaller number of brokers that can make the same number of deals that we have. We observe this trend of greater efficiency in terms of labor.
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This ends the Q&A session. I would like to turn the floor over to Mr. Cyro Naufel for his final remarks.
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We thank you all for attending the call.
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For the earnings of this third quarter of 2024 of LPS Brasil. We thank you all again for attending and wish you all a very good afternoon. Thank you.
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The conference call of LPS Brasil has ended. We thank you all for attending. Have a good afternoon.