On this page of StockholderLetter.com we present the latest annual shareholder letter from MONRO, INC. — ticker symbol MNRO. Reading current and past MNRO letters to shareholders can bring important insights into the investment thesis.
Annual Report Fiscal Year 2026 Business Stabilization Through Executing on Our Performance Improvement Plan
Our Company Monro operates 1,115 Company-operated stores, 46 Car-X franchised locations and two retread facilities, providing automotive repair and tire sales and service. The Company generated $1.2 billion in sales in VFDO 7KH &RPSDQ\ RSHUDWHV LQ VWDWHV QDWLRQ ZLGH ZLWK D VWURQJ SUHVHQFH LQ WKH 1RUWKHDVW Great Lakes and Mid-Atlantic regions and has a presence in the Southern and Western markets. 'XULQJ RXU \HDU KLVWRU\ 0RQUR KDV WUDQVIRUPHG IURP DQ H[KDXVW IRFXV WR D ODUJHU R HULQJ RI DXWR repair, and tire sales and service, adapting our business to stay relevant. 32 states where Monro operates Map as of March 28, 2026 Monro, Inc. FY 2026 Annual Report 2
Representative Brand Portfolio What We Offer One of the nation s leading automotive service and tire providers, delivering best-in-class auto care to communities across the country, from oil changes, tires and parts installation to the most comple[ vehicle repairs. Professionalism and highTuality service customers e[pect from a national retailer, with the convenience and trust of a neighborhood garage. Highly trained Teammates and certi ed technicians bring together hands on e[perience and state-ofthe-art technology to diagnose and address automotive needs every day to get customers back on the road safely. Monro, Inc. FY 2026 By The Numbers 1,115 Company-operated stores 32 States 46 Car-X franchised locations 2 Retread facilities FY 2026 Annual Report 3
Our Vision To be America s leading auto and tire service centers, trusted by consumers as the best place in their neighborhoods for quality automotive service and tires. :e do this by e[ceeding our *uests e[pectations with consistent value provided by a committed, knowledgeable organization of friendly and professional Teammates. Our Values At Monro, our core values serve as the foundation of our decision-making, with health, safety, environmental, and social responsibility considerations playing an important role in our strategic planning. We are committed to responsible business practices and continuous improvement of our operations and our relationships with our Guests, Teammates, investors, vendors, suppliers, and the communities we serve in order to build long-term sustainable value. LEADERSHIP DIVERSITY INTEGRITY QUALITY Having a vision and the courage to shape a better future. We represent the communities and Guests we serve. We are open, honest and trustworthy in all our actions. What we do, we do well. COLLABORATION OWNERSHIP URGENCY SHAREHOLDER VALUE Teamwork brings out our best. A culture that instills accountability and empowerment. We cherish the truth, initiative and winning. A balanced horizon and steward of our people and capital. Monro, Inc. FY 2026 Annual Report 4
Investment Thesis Leading national automotive service and tire provider with 1,115 locations in 32 states Focus on operational excellence to increase customer lifetime value Delivering consistent shareholder returns through dividends Strong balance sheet and operating cash ow Support for Teammates to enhance productivity & retention Low-cost operator Monro, Inc. Well-positioned to capitalize on a favorable industry backdrop FY 2026 2025 Annual Report 5
 • shareholder letter icon 7/2/2026 Letter Continued (Full PDF)
 • stockholder letter icon 7/6/2023 MNRO Stockholder Letter
 • stockholder letter icon 7/3/2024 MNRO Stockholder Letter
 • stockholder letter icon 7/3/2025 MNRO Stockholder Letter
 • stockholder letter icon More "Consumer Services" Category Stockholder Letters
 • Benford's Law Stocks icon MNRO Benford's Law Stock Score = 90


MNRO Shareholder/Stockholder Letter Transcript:

Annual Report
Fiscal Year 2026
Business Stabilization Through
Executing on Our Performance
Improvement Plan

Our Company
Monro operates 1,115 Company-operated stores, 46 Car-X franchised locations and two retread facilities,
providing automotive repair and tire sales and service. The Company generated $1.2 billion in sales in
  VFDO       7KH &RPSDQ\ RSHUDWHV LQ    VWDWHV QDWLRQ ZLGH ZLWK D VWURQJ SUHVHQFH LQ WKH 1RUWKHDVW  
Great Lakes and Mid-Atlantic regions and has a presence in the Southern and Western markets.
'XULQJ RXU    \HDU KLVWRU\  0RQUR KDV WUDQVIRUPHG IURP DQ H[KDXVW IRFXV WR D ODUJHU R  HULQJ RI DXWR 
repair, and tire sales and service, adapting our business to stay relevant.
32 states where Monro operates
Map as of March 28, 2026
Monro, Inc.
FY 2026 Annual Report 2

Representative Brand Portfolio
What We
Offer
One of the nation   s leading
automotive service and tire providers,
delivering best-in-class auto care
to communities across the country,
from oil changes, tires and parts
installation to the most comple[
vehicle repairs.
Professionalism and highTuality service customers e[pect
from a national retailer, with
the convenience and trust of a
neighborhood garage.
Highly trained Teammates and
certi  ed technicians bring together
hands on e[perience and state-ofthe-art technology to diagnose and
address automotive needs every day
to get customers back on the road
safely.
Monro, Inc.
FY 2026 By
The Numbers
1,115
Company-operated
stores
32
States
46
Car-X franchised
locations
2
Retread facilities
FY 2026 Annual Report 3

Our Vision
To be America   s leading auto and tire service centers, trusted by
consumers as the best place in their neighborhoods for quality
automotive service and tires. :e do this by e[ceeding our *uests   
e[pectations with consistent value provided by a committed,
knowledgeable organization of friendly and professional Teammates.
Our Values
At Monro, our core values serve as the foundation of our decision-making, with
health, safety, environmental, and social responsibility considerations playing an
important role in our strategic planning. We are committed to responsible business
practices and continuous improvement of our operations and our relationships with
our Guests, Teammates, investors, vendors, suppliers, and the communities we serve
in order to build long-term sustainable value.
LEADERSHIP
DIVERSITY
INTEGRITY
QUALITY
Having a vision and
the courage to shape
a better future.
We represent the
communities and
Guests we serve.
We are open, honest
and trustworthy in all
our actions.
What we do, we
do well.
COLLABORATION
OWNERSHIP
URGENCY
SHAREHOLDER VALUE
Teamwork brings
out our best.
A culture that instills
accountability and
empowerment.
We cherish the
truth, initiative
and winning.
A balanced horizon
and steward of our
people and capital.
Monro, Inc.
FY 2026 Annual Report 4

Investment Thesis
Leading national
automotive
service and tire
provider with
1,115 locations in
32 states
Focus on
operational
excellence
to increase
customer
lifetime value
Delivering
consistent
shareholder
returns
through
dividends
Strong
balance
sheet and
operating
cash    ow
Support for
Teammates
to enhance
productivity
& retention
Low-cost
operator
Monro, Inc.
Well-positioned
to capitalize on a
favorable industry
backdrop
FY 2026
2025 Annual Report 5


shareholder letter icon 7/2/2026 Letter Continued (Full PDF)
 

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