Monro, Inc.Fourth Quarter Fiscal

2020Earnings Call

May 28, 2020

Certain statements in this presentation, other than statements of historical fact, including estimates, projections, statementsrelated to our business plans and operating results are forward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995. Monro has identified some of these forward-looking statements with words suchas “anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” “forecasts,” “may,” “will,” “should,” and“intends” and the negative of these words or other comparable terminology. These forward-looking statements are basedon Monro’s current expectations, estimates, projections and assumptions as of the date such statements are made, and aresubject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements, to include the significant uncertainty relating to the duration and scope of the COVID-19 pandemic andits impact on our customers, executive officers and employees. Additional information regarding these risks anduncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “RiskFactors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of ourmost recently filed periodic reports on Forms 10-K and Form 10-Q, which are available on Monro’s website athttps://corporate.monro.com/investors/financial-information/. Monro assumes no obligation to update or revise theseforward-looking statements for any reason, even if new information becomes available in the future.

In addition to including references to diluted earnings per share (“EPS”), which is a generally accepted accountingprinciples (“GAAP”) measure, this presentation includes references to adjusted diluted earnings per share, which is a non-GAAP financial measure. Monro has included a reconciliation from adjusted diluted EPS to its most directly comparableGAAP measure, diluted EPS in Slide 8. Management views this non-GAAP financial measure as a way to better assesscomparability between periods because management believes the non-GAAP financial measure shows the Company’score business operations while excluding certain non-recurring items and items related to our Monro.Forward or acquisitioninitiatives.

This non-GAAP financial measure is not intended to represent, and should not be considered more meaningful than, or asan alternative to, its most directly comparable GAAP measure. This non-GAAP financial measure may be different fromsimilarly titled non-GAAP financial measures used by other companies.

Safe Harbor Statement and Non-GAAP Measures

2

COVID-19 Response

Executing on Key Priorities During This Critical Period

3

Protecting the well-being of our

teammates

Promoting the safety of our

customers and communities

Prioritizing health &

safety in all aspects of

our business

Providing essential services to

support customers’ needs and

delivering a consistent 5-star

experience

Maximizing financial flexibility

and operating on a cash flow

positive basis in COVID-19

environment

Ensuring business

continuity to serve our

customers

Executing strategic

Monro.Forward initiatives

Streamlining costs and rapidly

adjusting plans to strengthen

operating performance

Emerging stronger post

COVID-19 crisis

COVID-19 Response

Prioritizing Health and Safety in All Aspects of Our Business

4

Protecting the Health and Well-being of Our Teammates and Customers:

Enhanced daily cleaning procedures and rigorous hygiene protocols

Offering key drop and contact-less services

Following CDC social distancing and PPE guidelines

Reduced operating schedule in stores and remote working where feasible

Extending expiration of vacation days for teammates impacted by COVID-19

COVID-19 Response

Ensuring Business Continuity to Serve Our Customers

5

Operations Update

Stores remain open to provide essential services

Reducing store hours and aligning labor to match

demand levels

Opportunity to flex cost structure and accelerate

transformation initiatives

Leveraging diverse supply chain

Ready to capitalize on the improving sales

environment

Financial Update

Solid balance sheet and strong liquidity providing

ample flexibility to support business operations

Operating on a cash flow positive basis in current

environment

Deferring store reimage and rebrand initiative, as

well as other non-essential investments

Pausing M&A during this uncertain time

Monro.Forward Progress Update

Modernized store infrastructure, including new digital phone system, progressing as

planned

Expanded Amazon.com collaboration at more than 1,000 stores, supporting

omnichannel efforts

Enhance Customer-

Centric Engagement

Monro.Forward Progress Positions Us Well to Emerge Stronger Post COVID-19 Crisis

6

Data-driven store scheduling and staffing software in pilot stages with full rollout

expected to be completed by Q2FY21

Optimizing staffing schedules during COVID-19 crisis and beyond

Accelerate Productivity

& Team Engagement

New pricing and category management technology to drive margin improvement and

optimize product portfolio in pilot stages, rollout to be completed by end of Q2FY21Optimize Product &

Service Offering

Strong performance of rebranded stores prior to COVID-19

Substantially completed transformation of 42 recently acquired California stores in

Q4FY20

Pre-COVID plan to close 42 stores, six in Q4FY20 and 36 in Q1FY21, to streamline

portfolio supported by data analytics

Improve Customer

Experience

-10.5%

-8.5%

-6.5%

-4.5%

-2.5%

-0.5%

1.5%

3.5%

4QFY19 1QFY20 2QFY20 3QFY20 4QFY20

Fourth Quarter Fiscal 2020 Highlights

Comparable store sales of -9.5% driven by a

substantial decrease in traffic since mid-March due

to COVID-19 restrictions, as well as soft winter

weather conditions in January and February

Sales from new stores added $23.5M, including

sales from recent acquisitions of $21.9M

Navigating Uncertain Environment and Challenges Related to COVID-19

Maintenance: -8%

Tires: -9%

Front End/Shocks: -10%

Brakes: -11%

Alignments: -11%

Q4FY20

Key Highlights

Q4FY20

Key Highlights

7

Quarterly Comps Trends

1

Monthly Comparable Store Sales

1Results are adjusted for days

2Through 5/26/2020

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

Jan-20 Feb-20 Mar-20 Apr-20 May-20

MTD2

Results Impacted by COVID-19 Crisis and Soft Winter Weather Conditions

Fourth Quarter Fiscal 2020 Results

1Q4FY19 and FY19 same store sales results are adjusted for days.2Excluded costs in Q4FY20 include $.10 per share of impairment costs related to planned store closures, $.05 per share of additional store impairment costs, $.03 per share of costs related to Monro.Forward initiatives, $.01 per share of costs related to litigation settlements and $.01 per share of

one-time costs related to the Company’s headquarters expansion. Excluded costs in Q4FY19 include $.01 per share of costs related to Monro.Forward initiatives and $.01 per share of costs related to acquisition due diligence and integration. Excluded costs in FY20 include $.15 per share of store

impairment costs, $.09 per share of costs related to Monro.Forward initiatives, $.03 per share of costs related to acquisition due diligence and integration and $.02 per share of additional one-time costs related to litigation settlements and the Company’s headquarters expansion. Excluded costs in

FY19 include $.06 per share in costs related to Monro.Forward initiatives, $.01 per share of non-recurring corporate and field management realignment costs and $.02 per share of costs related to acquisition due diligence and integration.3Adjusted Diluted EPS is a non-GAAP measure that excludes certain non-recurring items and items related to our Monro.Forward or acquisition initiatives. A reconciliation of net income to adjusted net income and diluted EPS to adjusted diluted EPS is included in our earnings release dated May

28, 2020. 8

Q4FY20 Q4FY19 Δ FY20 FY19 Δ

Sales (millions) $286.1 $287.2 (0.4%) $1,256.5 $1,200.2 4.7%

Same Store Sales1 -9.5% 0.5% (1,000 bps) -2.3% 2.3% (460 bps)

Gross Margin 35.7% 38.3% (260 bps) 37.9% 38.8% (90 bps)

Operating Margin 0.1% 9.9% (980 bps) 8.1% 10.6% (250 bps)

Diluted EPS ($.12) $.50 (124.0%) $1.71 $2.37 (27.8%)

Excluded Costs2 $.20 $.02 $.29 $.09

One-time income tax benefit - - - ($.06)

Adjusted Diluted EPS3 $.08 $.52 (84.6%) $2.00 $2.40 (16.7%)

Fourth Quarter Fiscal 2020 EPS Bridge

9

($0.30)

($0.12)

$0.08 ($0.10)

($0.10) ($0.12)

$0.50

-$0.20

-$0.10

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

Q4 FY19 DilutedEarnings Per Share -

GAAP

Impact of -9.5% CompSales

COVID-19 BusinessImpact

Q4 FY20 AdjustedDiluted Earnings Per

Share

Planned StoreClosures

Other N/GAdjustments

Q4 FY20 DilutedEarnings Per Share -

GAAP

1Other N/G Adjustments includes $.05 related to store impairment charges, $.03 of one-time costs related to the store rebrand and reimage initiative, $.01 in provisions for legal settlements and $.01 in one-time costs related to the HQ expansion.

1

Maximizing Financial Flexibility

We Have Taken Proactive Measures to Operate on a Cash Flow Positive Basis During COVID-19 Pandemic

10

Disciplined Capital Allocation

Fiscal 2020

Capex of $55.9M, of which $25M was related to

store rebrand and reimage

Spent approximately $104M on acquisitions

Paid $30M in dividends during FY20

Near-term Priorities

Deferring non-critical capex including store

rebrand and reimage initiative

Pausing M&A during this uncertain time

Paying dividend in June 2020

Additional Actions to Enhance Financial Flexibility

Drew down remaining $350M from revolving credit facility in March 2020

Reducing selling, general and administrative expenses with focus on flexing cost structure

Bolstering working capital position

Strong Balance Sheet and Liquidity

Healthy Balance Sheet and Ample Liquidity to Support Ongoing Business Operations

Strong liquidity position of ~$375M as of May 26, 2020

Generated $120M of operating cash flow during FY20

Net bank debt of $221M as of March 2020

Net debt-to-EBITDA ratio as of March 2020 of 3.29x

11

Fiscal 2020 Accomplishments

Strong Progress on Building a Scalable Platform For Sustainable Growth

12

Store Rebrand and Refresh Initiative: Completed transformation of 219 stores to date, migrating 71 stores to a

tire-oriented brand, with rebranded stores in key markets outperforming store base

Investments in Technology: Launched pilot stages of network infrastructure upgrade, store staffing cloud-based

model and tire category management pricing tool, which are all progressing on track

Strategic Acquisitions: Completed acquisitions of 89 stores and one distribution center, expanding geographic

footprint into the attractive Western region and further solidifying position in the South

Expansion of Amazon.com Collaboration: Expanded collaboration to over 1,000 stores in 32 states in Q1 FY21

to support online tire retailer installation strategy and omnichannel efforts

Customer Experience: Executed customer satisfaction and online reputation management program across store

base to drive increased online reviews and star rating to all-time high of 4.6

1

2

3

4

5

Fiscal 2021 Outlook

While Environment Remains Uncertain, We Are Focused on Elements in Business Within Our Control

and Are Well-Positioned to Deliver Long-term Value Once the COVID-19 Crisis Subsides

13

Not issuing FY21 guidance at this time due to uncertainty surrounding COVID-19 pandemic

Expect COVID-19 to have a significant impact on Q1 FY21 results

Streamlining costs and making continued progress on Monro.Forward initiatives to emerge

stronger once pandemic subsides

Rollout of cloud-based store scheduling model and tire pricing tool by end of Q2 FY21 will be

critical to driving margin improvement

Cautiously optimistic for demand recovery following the suspension of stay-at-home orders

Well-positioned to capitalize on significant opportunities for M&A post COVID-19 crisis

Appendix

14

Fiscal 2021 Outlook – Financial Assumptions

15

Assumptions as of May 28, 2020

Tire and Oil Costs Stable to slight decrease year-over-year

Interest Expense ~$30 million to ~$32 million

Depreciation and Amortization ~$72 million to ~$78 million

Tax Rate ~24%

Capital Expenditures ~$25 million to ~$45 million

Weighted Average Number of Diluted

Shares Outstanding~34 million

Planned Store Closure Costs in Q1 FY21 ~$2.5 million

Store Closure Operating Income Benefit ~$3.8 million

Fixed Cost Reductions ~$10 million to ~$15 million

7 Stage Transformation Process from Beginning to End Takes ~17 Weeks

161Steps are only required for stores that are being rebranded from service format to tire format

BEFORE AFTER

Store Readiness

for Change

Parts Inventory

Rebalanced1

Inventory Assortment

Reset for Tire Focus1

Store Team Trained

on New Operating

Procedures

Store Inventory Storage

Configured for Tires1

Store Exterior Painted

and New Signage

Installed

Store Interior Remodel

and Technology

Installed

~17 WEEKS

Store Refresh Transformation Timeline

Monro.Forward: Investments in Technology

Significant Investments in Technology to Support Monro.Forward Strategy

17

Area Strategic Rationale Timing

Business Intelligence • KPI dashboards for stores and management• Launched in Q4 FY18

• Ongoing company-wide expansion

Monro University

Learning Management System

• Ensures consistent onboarding and teammate training

• Develop clear career paths

• Deliver standard operating procedure training

• Launched in Q3 FY19

• Ongoing expansion across store base

Store Network

Infrastructure Upgrade

• Enable and support cloud based merchandising strategy

• Enable customer-facing technology

• Installed in 840 stores

• To be implemented across base by Q1

FY21

Digital Phone and Customer

Communication System

• Eliminate cost of analog phone system

• Simplify phone execution for store personnel

• Enable customer-centric call and text messaging management

• In more than 700 stores

• To be implemented across base by Q1

FY21

Store Staffing Model &

Scheduling System

• Eliminate paper-based scheduling

• Optimizes store staffing and day part scheduling

• Improves part-time scheduling capabilities

• Pilot in Q4 FY20

• To be launched across base by Q2 FY21

Tire Category Management &

Pricing System

• Enterprise solution to dynamically manage pricing at the SKU level

• Partially automates optimization of tire volume/margins by providing

real-time elasticity

• Pilot launched in Q4 FY20

• To be launched across base by Q2 FY21

Cloud-Based Car Inspection

Scanning Tool

• State of the art technology for technicians to provide industry-

leading service

• Provides efficient tool for actively managing customer needs

• In pilot stages

• To be implemented in FY21

Q2 FY19 Q3 FY19 Q4 FY19 Q2 FY20 Q3 FY20 Q4 FY20FY20 FY21

Monro.Forward Strategic Initiatives

Data-driven “new customer” marketing

Store staffing & scheduling system

Improve Customer Experience

Enhance Customer-Centric Engagement

Optimize Product & Service Offering

Accelerate Productivity & Team Engagement

Scheduled maintenance in-store selling

Data-driven CRM

New websites

Scale store refresh & operational excellence

= Completed Initiatives18

Pilot store refresh & operational excellence

Monro University (includes career path, LMS)

Foundational Technology & Tools

Store network infrastructure upgrade

Digital phone and customer communication system

Optimize tire assortment

Cloud based car inspection tool

Tire category management & pricing system

Q2FY21FY19

New store comp plans

New in-store sales packages