Monro, Inc.First Quarter Fiscal

2020Earnings Call

July 25, 2019

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. Additional information regarding these risks and uncertainties are described in the Company’s filingswith the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysisof Financial Condition and Results of Operations” sections of our most recently filed periodic reports on Forms 10-K andForm 10-Q, which are available on Monro’s website at https://corporate.monro.com/investors/financial-information/. Monroassumes no obligation to update or revise these forward-looking statements for any reason, even if new informationbecomes available in the future.

This presentation contains references to Adjusted Earnings Per Share (EPS), which is a “non-GAAP financial measure” asthis term is defined in Item 10(e) of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of1934 and Regulation G under the Securities Exchange Act of 1934. In accordance with these rules, Monro has reconciledthis non-GAAP financial measure to its most directly comparable U.S. GAAP measure. Management views this non-GAAPfinancial measure as a way to assess comparability between periods.

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

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0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4QFY18 1QFY19 2QFY19 3QFY19 4QFY19 1QFY20

First Quarter Fiscal 2020 Highlights

▪ Comparable store sales increased by 0.8%

▪ Sales increased 7.2% to a record $317.1M

▪ Sales from new stores added $19.6M, including

sales from recent acquisitions of $16.6M

Achieved Sixth Consecutive Quarter of Comparable Store Sales Growth1

▪ Brakes: 6%

▪ Alignments: 2%

▪ Tires: 1%

▪ Front End/Shocks: -1%

▪ Maintenance: -2%

1QFY20

Key Highlights

1QFY20

Key Highlights

31Results are adjusted for days

Quarterly Comps Trends

1 1

2-Year Stacked Quarterly Comps Trends

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

1QFY19 2QFY19 3QFY19 4QFY19 1QFY20111

Announced and Completed Acquisitions

▪ Completed acquisition of 40 retail locations and one distribution center in California during 1QFY20

▪ Entered a new state, expanding the Company’s geographic footprint to the West Coast

▪ $45M in annualized sales, breakeven to EPS in FY20

▪ Sales mix of 70% service and 30% tires

▪ Acquired two additional stores in California during 1QFY20, representing $3M in annualized sales

▪ Completed acquisition of 12 retail locations in Louisiana early in 1QFY20

▪ Entered a new state, expanding the Company’s presence in the southern markets

▪ $15M in annualized sales, breakeven to EPS in FY20

▪ Sales mix of 35% service and 65% tires

▪ Announced definitive agreements to acquire eight stores in Louisiana, further solidifying market position in recently entered state

▪ $12M in annualized sales, breakeven to EPS in FY20

▪ Sales mix of 50% service and 50% tires

Greenfield Openings1

▪ Added 1 greenfield location during the first quarter (excludes two California stores included above)

A Scalable Platform: Recent Acquisitions

Acquisitions Announced and Completed in Fiscal 2020 Represent $75M in Annualized Sales

1Greenfield stores include new construction as well as the acquisition of one to four store operations 4

Store Refresh & Brand Consolidation Initiative

❑ Same store sales and guest satisfaction ratings at reimaged locations significantly

outperformed Company average during 1QFY20

❑ Significantly advanced re-image of 50 stores during 1QFY20 and expanding refresh

to approximately 70 stores in three additional markets in 2QFY20

❑ Modernized store layout on track to be rolled out across the Company’s remaining

markets and store formats over the next 3 to 5 years

❑ Consolidating brand portfolio into regional power brands to increase brand

awareness in each market and opportunistically shifting to a tire-oriented banner in

targeted markets with strong upside opportunity

Improve Customer

Experience

Strong Performance of Reimaged Stores Driving Confidence in Store Refresh and Brand Consolidation Strategy

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Monro.Forward Progress Update

❑ Continued investments in in-store technology with the rollout of a new digital phone

system across Monro’s store base during FY20

❑ Collaboration with Amazon.com at more than 800 stores supports omnichannel efforts

❑ On track to launch 2nd phase of omnichannel experience in the second half of FY20

Enhance Customer-

Centric Engagement

Monro.Forward Initiatives Well Underway and Advancing as Planned

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❑ Scaling Monro University across store base and prioritizing newly acquired stores to

facilitate onboarding

❑ Data-driven store scheduling and staffing software to be implemented during FY20

Accelerate Productivity

& Team Engagement

❑ Continued momentum of Good-Better-Best product and service packages

❑ Optimizing tire assortment to become the #1 destination for tires at any price point

❑ Will continue to advance category management and pricing capabilities during FY20

Optimize Product &

Service Offering

❑ Continuing to execute customer satisfaction and online reputation management

program across Monro’s store base

❑ Focus on the in-store experience is having significant impact on Company online

reviews and has increased “Star Ratings” to 4.6 All-time

Improve Customer

Experience

Solid Top-Line and Margin Expansion Reflect Improving Execution Across the Business

First Quarter Fiscal 2020 Results

1QFY20 1QFY19 Δ

Sales (millions) $317.1 $295.8 7.2%

Same Store Sales 0.8% 1.9% (110 bps)

Gross Margin 40.4% 39.6% 80 bps

Operating Margin 11.5% 11.2% 30 bps

GAAP EPS $.67 $.62 8.1%

One-time Costs1 $.01 $.02

Adjusted EPS $.68 $.64 6.3%

1Diluted earnings per share included $.01 per share of one-time incremental costs related to increased acquisition activity in 1QFY20 compared to 1QFY19. This compares to $.02 per share in one-time costs related to Monro.Forward initiatives in 1QFY19. 7

Disciplined Capital Allocation

Executing on Growth Strategy While Maintaining a Disciplined Approach to Capital Allocation

Investing in the Business

▪ Capex of $14.0M during 1QFY20

▪ Continue to expect ~$75M of incremental Capex over 5 years to invest in store re-image and technology

Returning Cash to Shareholders

▪ Paid $7.4M in dividends in 1QFY20

▪ Currently $.22 per share quarterly, an increase of 10% from 1QFY19

Executing on M&A Opportunities

▪ Spent $54.7M on acquisitions during 1QFY20

▪ Acquisitions announced and completed in fiscal 2020 represent $75M in annualized sales

Utilizing Strong Balance Sheet

▪ Generated $58.2M of operating cash flow in 1QFY20

▪ Debt-to-EBITDA ratio as of June 2019 of 2.12x provides significant flexibility to fund M&A strategy

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Fiscal 2020 Outlook

FY20 FY19 Δ

Sales (millions) $1,285 to $1,315 $1,200 7% to 10%

Same Store Sales +1% to +3% 2.3%-130 bps to

70 bps

GAAP EPS $2.55 to $2.75 $2.37 8% to 16%

Updates Fiscal 2020 Comparable Store Sales Guidance and Reiterates EPS Guidance

Operating Margin

▪ Assumes operating margin of ~11.3% at midpoint of FY20 sales

guidance

▪ Expect stable tire and oil costs year-over-year

▪ Expect to generate earnings increase on a comparable store sales

increase above ~1%

Additional Guidance Assumptions (at the midpoint)

▪ Interest expense of ~$30 million

▪ Depreciation and amortization of ~$67 million

▪ EBITDA of ~$215 million

▪ Tax rate of ~23.5%

▪ Capital expenditures of ~$65 million

▪ 34 million weighted average number of diluted shares outstanding

Stores

▪ Guidance includes recently announced and completed

acquisitions and excludes any additional potential acquisitions

▪ Guidance includes six ground-up greenfield store openings in

FY20

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First Quarter Fiscal 2020 Key Takeaways

▪ Delivered sixth consecutive quarter of positive comparable store sales growth

▪ Monro.Forward initiatives showing traction and progressing on schedule

▪ Outperformance of pilot store reimage locations underscores strength of strategy

▪ Completed and announced acquisitions of 62 stores in California and Louisiana during

1QFY20, bringing annualized sales from fiscal 2020 acquisitions to $75M

▪ Solid progress of West Coast integration and robust pipeline of acquisition opportunities

▪ Updates fiscal 2020 comparable store sales guidance and reiterates EPS guidance

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Appendix

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Q2 FY19 Q3 FY19 Q4 FY19 Q2 FY20 Q3 FY20 Q4 FY20Q4 FY18 FY20FY19 FY21

Monro.Forward Strategic Initiatives

New store comp plans

Technology based in-store experience

Data-driven “new customer” marketing

Monro omnichannel & e-commerce

Store staffing & scheduling system

Improve Customer Experience

Enhance Customer-Centric Engagement

Optimize Product & Service Offering

Accelerate Productivity & Team Engagement

Foundational technology & tools

New in-store sales packages

Scheduled maintenance in-store selling

Data-driven CRM

New websites

Tire category management

Scale store refresh & operational excellence

= Completed Initiatives

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Pilot store refresh & operational excellence

Monro University pilot (includes career path, LMS)