Trumpf's commitment to research and development continues to pay off, even in times of crisis. And with investment of 530 million euros (2023/2024), accounting for 10.3% of revenue – it's a figure that's still on the rise. „This is a very high historical level, well above the industry average“, says CEO Nicola Leibinger-Kammüller, noting the increase in R&D staff to 3,100, up 8.6%. This foundation supports Trumpf's innovative capabilities, consistently giving it a technological edge.

A prime example is the company's extreme ultraviolet (EUV) laser division in Ditzingen, which recently experienced a modest revenue decline of 2.9% to 943 million euros. Trumpf holds a monopoly on this lithography technology, which is used to manufacture high-performance chips in the field of artificial intelligence, and is viewed as a key future product.

The company supplies ASML in the Netherlands, which builds chip equipment with EUV lasers for the three largest global chip manufacturers: TSMC, Samsung, and Intel. Following a period of AI euphoria, and resulting overcapacity, Trumpf's business is currently under pressure. Nevertheless, Leibinger-Kammüller sees it as a genuine growth opportunity, already yielding „good margins“. Notably, EUV lasers boast the highest R&D ratio at 13.6%.

This sentiment largely applies to the entire company, which, in its 101st year, has still achieved a relatively high EBIT margin of 9.7% (down from 11.5% the previous year). Although pre-tax profits fell by nearly 19% year-over-year, the decline would have been more severe without the implementation of a cost-cutting program. After saving 176 million euros in 2023/2024, the plan for the current fiscal year includes cuts of 250 million euros. Measures include reducing business travel and eliminating external consulting, with employees expected to contribute significantly to achieving the savings target. As per the metalworkers' collective agreement, this involves first reducing working time accounts, with later salary and working time cuts of 10%. The company offers job guarantees until the end of 2025. By mid-next year, up to 2,750 of the 6,300 employees at the headquarters could be affected. According to Leibinger-Kammüller, there will be no job cuts, and short-time work will only occur at the Neukirch facility in Saxony.

This response to the crisis reflects Trumpf's fundamental philosophy that companies should strive to pull themselves out of difficult situations, involving their employees in the process. „We must achieve the turnaround on our own, not wait for the state and its subsidies“, emphasises Leibinger-Kammüller, who has great confidence in the company's products, technologies, and staff. She expresses concern over the growing tendency in the industry to immediately seek state aid during crises, „thus legitimising the government's centrally planned actions both politically and in the media.“ Aside from some research funding, Trumpf, like thousands of other German SMEs, does not receive any state aid – especially not in a recession.

But to what extent can the Protestant-rooted, ethically oriented principles of corporate governance upheld by the owning family be maintained during a crisis? She believes the company can make a difference, and mitigate the impact of crises on its employees to varying degrees. „Especially when it comes to retaining our core staff“, states the CEO.

Despite ongoing economic crises, the company's revenue for the fiscal year 2023/2024 only declined moderately by 3.6%, which Leibinger-Kammüller attributes to the very high order backlog from the previous year. But new orders declined more sharply by 10.4%, which has now reduced the order backlog.

Leibinger-Kammüller notes that the company's is dealing with the challenges of the global economic slowdown, and geopolitical uncertainties, which have caused clients worldwide to hold back on investment. „We are facing tougher competition than ever, partly due to protectionist measures from Chinese competitors,“ she said. For the current year, she expects order intake to stagnate at best, leading to further revenue declines. She described Trumpf's challenges as a reflection of real, unprotected competition on a global scale.

In 2023, Leibinger-Kammüller hinted she wouldn’t lead Trumpf into old age like her father, but the 64-year-old hasn’t set a date for her departure. She assures that in times of crisis, „the captain doesn’t leave the ship.“ Her successor is already in-house, preparing for the role. It was back in 2005 that Berthold Leibinger handed over leadership of the family business to his eldest daughter, a PhD linguist. Her siblings, Regine and Peter Leibinger, are also involved, with Peter serving as Chairman of the Supervisory Board. Her husband, Mathias Kammüller, is also a Trumpf board member.