Monro, Inc.First Quarter Fiscal

2021Earnings Call

July 29, 2020FIRST QUARTER FISCAL 2021 EARNINGS CALL JULY 29, 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 6. 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 Elements Within Our Control to Support Our Business Operations

3

Operations Update

▪ Enhanced cleaning and safety protocols to promote

the well-being of our teammates and customers

▪ Stores gradually returning to normalized hours of

operation to support improving demand trends

▪ Streamlining cost structure and accelerating

transformation initiatives to support future growth

▪ Leveraging diverse supply chain

Financial Update

▪ Maximizing financial flexibility to support business

operations

▪ Operating on a cash flow positive basis in current

environment

▪ Resuming store rebrand and reimage initiative with

a measured and moderated approach

▪ Evaluating attractive M&A targets that support our

strategy while maintaining strong financial discipline

Prioritizing health &

safety in all aspects of

our business

Ensuring business

continuity to serve our

customers

Emerging stronger post

COVID-19 crisis

Key

Priorities

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21

First Quarter Fiscal 2021 Highlights

▪ Comparable store sales of -25.8% due to

significant impact of COVID-19

▪ As expected, April represented a low point in sales

performance as government restrictions gradually

abated through Q1

▪ Sales from new stores added $12.7M, including

sales from recent acquisitions of $11.1M

Navigating Uncertain Environment and Challenges Related to Ongoing COVID-19 Pandemic

▪ Tires: -14%

▪ Alignments: -32%

▪ Maintenance: -35%

▪ Front End/Shocks: -36%

▪ Brakes: -41%

Q1FY21

Key Highlights

Q1FY21

Key Highlights

4

Quarterly Comps Trends Monthly Comparable Store Sales

-50%

-40%

-30%

-20%

-10%

0%

Apr-20 May-20 Jun-20 Jul-201

1Preliminary results through July 25, 2020

Monro.Forward Progress Update

❑ Tightened and redirected marketing spend to higher ROI digital channels

❑ Substantially completed rollout of modernized store infrastructure and digital phone

system to drive better customer execution

❑ Completed rollout of Amazon.com collaboration across entire store base, furthering

broader omnichannel strategy

Enhance Customer-

Centric Engagement

Progress on Monro.Forward Initiatives Positioning Us Well to Emerge Stronger Post-Crisis

5

❑ Leveraging technology-based labor model to effectively ramp up staffing in stores

❑ Data-driven store staffing and scheduling software rollout progressing as planned and

expected to be completed by Q3FY21

❑ Utilizing Monro University to support rollout of initiatives, while continuing to facilitate

career development and continuous learning opportunities

Accelerate Productivity

& Team Engagement

❑ Rollout of new pricing and category management technology progressing as planned

❑ Leveraging price elasticity analytics to dynamically respond to demand trendsOptimize Product &

Service Offering

❑ Completed pre-COVID plan to streamline real estate portfolio with closure of 42

underperforming stores, including six in Q4FY20 and 36 in Q1FY21

❑ Outperformance of rebranded stores reinforces strength of strategy

❑ Gradually resuming store rebrand and reimage initiative in Q2FY21

Improve Customer

Experience

The COVID-19 Related Drop in Traffic Significantly Impacted Our First Quarter Performance

First Quarter Fiscal 2021 Results

1Excluded costs in Q1FY21 include $.06 per share in planned store closing costs. Excluded costs in Q1FY20 include $.01 per share of costs related to Monro.Forward initiatives and $.01 per share of costs related to acquisition due diligence and integration.2Adjusted 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 July

29, 2020. 6

Q1FY21 Q1FY20 Δ

Sales (millions) $247.1 $317.1 (22.1%)

Same Store Sales (25.8%) 0.8% (2,660 bps)

Gross Margin 35.4% 40.4% (500 bps)

Operating Margin 4.6% 11.5% (690 bps)

Diluted EPS $.09 $.67 (86.6%)

Excluded Costs1 $.06 $.02

Adjusted Diluted EPS2 $.15 $.69 (78.3%)

First Quarter Fiscal 2021 EPS Bridge

7

($0.77)

($0.20)

$0.45 $0.15 ($0.06)

$0.09

$0.67

-$0.40

-$0.20

$0.00

$0.20

$0.40

$0.60

$0.80

Q1FY20 DilutedEarnings Per Share -

GAAP

Impact of -25.8%Comp Sales

Impact of GrossMargin Decline

Other Q1FY21 AdjustedDiluted Earnings PerShare - Non-GAAP

Planned StoreClosures

Q1FY21 DilutedEarnings Per Share -

GAAP

1Other includes net benefit of cost savings and lower expenses due to a reduction in the number of stores compared to the prior year period.

1

Maximizing Financial Flexibility

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

8

Disciplined Capital Allocation

First Quarter Fiscal 2021

▪ Paid down $240.2M of bank debt

▪ Capex of $15.3M

▪ Paid $7.4M in dividends

▪ Strategically realigned cost structure to protect

financial strength

▪ Amended covenants of revolving credit facility in

June 2020 to enhance financial flexibility

Near-term Priorities

▪ Maintaining rigorous capital management

▪ Bolstering working capital position

▪ Resuming store rebrand and reimage initiative

with a measured and moderated approach

▪ Evaluating attractive M&A targets that support our

strategy while maintaining strong financial

discipline

▪ Paying quarterly dividend

Strong Balance Sheet and Liquidity

Healthy Balance Sheet and Ample Liquidity to Support Ongoing Business Operations

▪ Generated $73M of operating cash flow during Q1FY21

▪ Net bank debt of $179M as of June 2020

▪ Net debt-to-EBITDA ratio as of June 2020 of 3.86x

▪ Strong liquidity position of ~$400M as of July 25, 2020

9

Fiscal 2021 Outlook – Financial Assumptions

10

Financial Assumptions as of July 29, 2020

Tire and Oil Costs Stable to slight decrease y/y

Interest Expense ~$28M to ~$30M

Depreciation and Amortization ~$74M to ~$80M

Tax Rate ~24%

Capital Expenditures ~$30M to ~$50M

Weighted Average Number of Diluted

Shares Outstanding~34M

Store Closure Operating Income Benefit ~$3.8M

Cost Reductions ~$20M to ~$25M

Additional Assumptions

▪ Capex range accounts for rebrand of ~60

to ~120 stores as we resume this initiative

with a measured pace

▪ Realized ~$15M in cost savings in Q1 and

expect additional savings of ~$5M to

~$10M through the remainder of FY21

▪ Anticipate lower cost savings in Q2 when

redirecting portion of marketing spend to

enhance recruiting initiatives

First Quarter Fiscal 2021 Key Takeaways

Despite Ongoing Uncertainty, We Are Encouraged by the Improving Sales Environment

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

11

▪ Encouraged by gradual improvement in performance across all product and service categories

throughout the quarter despite significant COVID-19 impact

▪ Streamlined cost structure and ample liquidity supporting healthy financial position

▪ Seeing traction from Monro.Forward initiatives including outperformance of rebranded stores,

relative strength in tires, development of online presence and investments in technology

▪ Resuming store rebrand and reimage initiative at a measured pace while maintaining disciplined

approach to capital allocation

▪ Well positioned to execute on our robust pipeline of M&A targets

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

Appendix

12

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

131Steps 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

14

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

• Substantially completed installation

across base in 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

• Substantially completed installation

across base in Q1 FY21

Store Staffing Model &

Scheduling System

• Eliminate paper-based scheduling

• Optimizes store staffing and day part scheduling

• Improves part-time scheduling capabilities

• In pilot stages

• To be implemented across base by Q3

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

• Installed in more than 370 stores

• To be implemented across base by Q3

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 Initiatives15

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