# EDGAR Filing Document

**Accession Number:** 0000921669
**File Stem:** 0001539497-25-002847
**Filing Date:** 2025-11
**Character Count:** 20617
**Document Hash:** 6e909bfcd8c7b5b1e3bf106ed8a59a5a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-002847.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001539497-25-002847

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MONRO, INC.
- **CENTRAL INDEX KEY:** 0000876427
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AUTOMOTIVE REPAIR, SERVICES & PARKING [7500]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 160838627
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 0328

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-41923
- **FILM NUMBER:** 251451846

**BUSINESS ADDRESS:**
- **STREET 1:** 295 WOODCLIFF DRIVE, SUITE 202
- **CITY:** FAIRPORT
- **STATE:** NY
- **ZIP:** 14450
- **BUSINESS PHONE:** 1-800-876-6676

**MAIL ADDRESS:**
- **STREET 1:** 295 WOODCLIFF DRIVE, SUITE 202
- **CITY:** FAIRPORT
- **STATE:** NY
- **ZIP:** 14450

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MONRO MUFFLER BRAKE INC
- **DATE OF NAME CHANGE:** 19930328
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ICAHN CARL C
- **CENTRAL INDEX KEY:** 0000921669
- **STANDARD INDUSTRIAL CLASSIFICATION:** UNKNOWN SIC - 0000 [0000]
- **ORGANIZATION NAME:** CF
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ICAHN ENTERPRISES L.P.
- **STREET 2:** 16690 COLLINS AVE., PH-1
- **CITY:** SUNNY ISLES BEACH
- **STATE:** FL
- **ZIP:** 33160
- **BUSINESS PHONE:** 305-422-4145

**MAIL ADDRESS:**
- **STREET 1:** C/O ICAHN ENTERPRISES L.P.
- **STREET 2:** 16690 COLLINS AVE., PH-1
- **CITY:** SUNNY ISLES BEACH
- **STATE:** FL
- **ZIP:** 33160

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ICAHN CARL C ET AL
- **DATE OF NAME CHANGE:** 19950612

## Ex-1

**<u>EXHIBIT 1</u>**

**JOINT FILING AGREEMENT**

In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the shares of the common stock, $0.01 par value per share, of Monro, Inc. and further agree that this Joint Filing Agreement be included as an exhibit to such joint filings.

The undersigned have executed this Joint Filing Agreement as of November 5, 2025.

**ICAHN ENTERPRISES L.P.**

By: ICAHN ENTERPRISES G.P. INC, its general partner

By: <u>/s/ Ted Papapostolou</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Ted Papapostolou

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Financial Officer and Secretary

<u>/s/ Carl C. Icahn</u>

**Carl C. Icahn**

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**MONRO, INC.**

*(Name of Issuer)*

**Common Stock, par value $0.01 per share**

*(Title of Class of Securities)*

**610236101**

*(CUSIP Number)*

**Jesse A. Lynn COO**<br>Icahn Capital LP<br>16690 Collins Avenue, PH-1<br>Sunny Isles Beach FL 33160<br>(305) 422-4100

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**10/29/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **610236101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Icahn Enterprises L.P.** | Name of reporting person<br>**Icahn Enterprises L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[x] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[x] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**4439914.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**4439914.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4439914.00** | Aggregate amount beneficially owned by each reporting person<br>**4439914.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.79%** | Percent of class represented by amount in Row (11)<br>**14.79%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **610236101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Carl C. Icahn** | Name of reporting person<br>**Carl C. Icahn** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[x] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[x] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**4439914.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**4439914.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4439914.00** | Aggregate amount beneficially owned by each reporting person<br>**4439914.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.79%** | Percent of class represented by amount in Row (11)<br>**14.79%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.01 per share

**(b) Name of Issuer:**
MONRO, INC.

**(c) Address of Issuer's Principal Executive Offices:**
295 WOODCLIFF DRIVE, SUITE 202, FAIRPORT, NY, 14450

This statement relates to the shares of common stock, par value $0.01 per share (the "Common Stock"), of Monro, Inc., a New York corporation (the "Issuer").

**Item 4. Purpose of Transaction**

The Reporting Persons acquired their positions in the shares of the Common Stock and the other securities and instruments reported herein, if any, for investment purposes in the belief that such shares of the Common Stock are undervalued and represent an attractive investment opportunity for the Reporting Persons.

In pursuing its investment purposes to achieve an attractive return on their ownership of the shares of the Common Stock, the Reporting Persons may do any or all of the following, either alone or in combination with any other of the following, at such times and from time to time as the Reporting Persons may in their sole discretion deem appropriate or desirable:
i. acquire additional shares of the Common Stock and/or other securities and/or instruments (including equity, debt or other securities or instruments) of the Issuer or its affiliates in the open market, in privately negotiated transactions, or otherwise;
ii. dispose of any or all of their shares of the Common Stock and/or other securities and/or instruments of the Issuer or its affiliates in the open market, in privately negotiated transactions, or otherwise;
iii. enter into swap and/or other derivative transactions with broker-dealers, financial institutions, and/or other counterparties with respect to the securities of the Issuer or its affiliates which may be deemed to either increase or decrease the Reporting Persons' economic exposure to the value of the shares of the Common Stock or other securities of the Issuer or its affiliates;
iv. engage in any other hedging or similar transactions with respect to the shares of Common Stock and/or other securities or instruments of the Issuer or its affiliates;
v. engage in discussions with directors, officers, members of management, and other personnel of the Issuer and its affiliates with respect to the Issuer and its affiliates, including with respect to each of the items described in this Item 4;
vi. engage in discussions with other holders of the Common Stock and/or other securities or instruments of the Issuer and/or its affiliates with respect to the Issuer and its affiliates, including with respect to each of the items described in this Item 4;
vii. engage in discussions with third parties, including investors, sources of financing, potential strategic partners, professional service providers, industry analysts, and other persons and entities with respect to the Issuer and its affiliates, including with respect to each of the items described in this Item 4;
viii. propose changes in or to one or more of the Issuer's or its affiliate's operations, governance, management, corporate structure, organizational and reporting structure, capitalization, use of capital, financial metrics, business strategy, executive compensation and/or other matters related to the foregoing;
ix. propose that the Issuer and/or its affiliates pursue material business acquisitions and/or the sale (or other disposition), merger or business combination of the Issuer or its affiliates with respect to any part of the Issuer's or such affiliates' business, or one or more similar transactions;
x. propose or nominate candidates to serve on the Issuer's and/or its affiliates' board of directors;
xi. propose changes to the current board of directors of the Issuer and/or its affiliates, including the number, term and identity of the members of the Issuer's and/or such affiliates' board of directors;
xii. propose changes to the current members of management of the Issuer or its affiliates;
xiii. solicit proxies or consents from shareholders of the Issuer or its affiliates, including but not limited to as part of a proxy contest, consent solicitation or other possible change of control of the Issuer and/or its affiliates;
xiv. pursue a variety of other actions in furtherance of one or more of the foregoing;
xv. modify their plans, proposals or intentions with respect to one or more of the foregoing; and
xvi. plan, propose or pursue other actions with respect to the Issuer and/or its affiliates, including one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D, in each case as the Reporting Persons may deem appropriate from time to time.

In considering and evaluating such plans or proposals, the Reporting Persons expect that they will continually monitor and evaluate, among other things, the Issuer's operations, financial performance, organizational and reporting structure, corporate governance, capital structure, management performance, executive compensation, business strategy, competitive positions, future prospects, proposed and/or consummated transactions, including the acquisition or the sale (or other disposition), or merger or combination, of the Issuer and/or its affiliates or any part of the Issuer's or its affiliates' business, or any similar transactions.

In addition, the Reporting Persons expect that they will continually monitor and evaluate prevailing market conditions with respect to the shares of the Common Stock and other securities and instruments of the Issuer and its affiliates at various times in the future, the alternative investment opportunities available to the Reporting Persons, the liquidity requirements and capital needs of the Reporting Persons, and a variety of other investment considerations that may arise from time to time as determined by the Reporting Persons in its sole discretion.

The actions taken by the Reporting Persons with respect to the Issuer and its affiliates and the shares of the Common Stock and/or other securities or instruments of the Issuer and its affiliates will be based upon the foregoing considerations and a wide variety of factors, including but not limited to changes in the market prices of the shares of the Common Stock or the other securities or instruments of or related to the Issuer and its affiliates and/or changes in the results of the Issuer's operations, business strategy or prospects, as well as the results of the communications, if any, that the Reporting Persons may have with the Issuer, its officers and directors and other personnel (and those of the Issuer's affiliates), with the other third parties described herein, and the actions taken by the Issuer and its officers, directors and other personnel (and those of the Issuer's affiliates), and the third parties described herein, with respect to the matters described herein, and any other matters deemed relevant by the Reporting Persons, whether or not similar to any of the foregoing.

The Reporting Persons may also take steps to explore and prepare for various plans, proposals, and actions, including but not limited to those described herein, and engage in discussions with respect to one or more of the foregoing, before forming an actual plan, proposal or intention to engage in such actions and/or proceed with such transactions.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The Reporting Persons may be deemed to beneficially own, in the aggregate, 4,439,914 shares of the Common Stock, representing approximately 14.79% of the Issuer's outstanding shares of the Common Stock based upon the 30,019,660 of the Common Stock stated to be outstanding by the Issuer on October 17, 2025, in the Issuer's Form 10-Q for the quarterly period ended September 30, 2025, filed with the SEC on October 29, 2025.

**(b)**
For purposes of this Schedule 13D, each of the Reporting Persons may be deemed to have voting and dispositive power with respect to all of the shares of the Common Stock reported in this Schedule 13D.

**(c)**
During the past sixty (60) days, the Reporting Persons effected the following transactions in the shares of the Common Stock. All such transactions were purchases of shares of the Common Stock in open market transactions at the prices per share noted below including commissions paid.

Date of Transaction      Number of Securities    Price Per Share ($)
     10/29/2025                       679,247                        $15.09
     10/30/2025                       598,153                        $14.90
     10/31/2025                       220,000                        $14.28
     11/03/2025                       838,041                        $14.86
     11/04/2025                       639,473                        $15.19

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

One or more of the Reporting Persons and/or their affiliates are party to cash-settled equity swap agreements with Nomura Global Financial Products Inc. (the "Broker") with respect to the shares of the Common Stock, with reference prices and maturity dates that vary depending upon the terms of each such cash-settled equity swap agreement. Such cash-settled equity swap agreements, taken together, result in increased economic exposure of the Reporting Persons to changes in the value of the shares of the Common Stock during the period that such cash-settled equity swap agreements are in effect, and pursuant to the cash-settled equity swap agreements, either (i) the Reporting Persons (or such affiliates) will be obligated to pay to the Broker, in cash, a specified amount calculated in accordance with the terms of the applicable cash-settled equity swap agreement, which such amount will be based upon a decrease in value of the shares of the Common Stock between the date of the applicable cash-settled equity swap agreement and the maturity date set forth therein or (ii) the Broker will be obligated to pay to the Reporting Persons (or such affiliates), in cash, a specified amount calculated in accordance with the terms of the applicable cash-settled equity swap agreement, which such amount will be based upon an increase in value of the shares of the Common Stock between the date of the applicable cash-settled equity swap agreement and the maturity date set forth therein.

One or more of the Reporting Persons and/or their affiliates may from time to time enter into one or more additional cash-settled equity swap agreements with the Broker, or with other third parties, that result in a further increase in the economic exposure of the Reporting Persons to changes in the value of the shares of the Common Stock, or that result in a decrease in the economic exposure of the Reporting Persons to changes in the value of the shares of the Common Stock, and which could require either that the Reporting Persons (or such affiliates) will be obligated to pay to the Broker or other third parties, in cash, or the Broker or other third parties will be required to pay to the Reporting Persons (or such affiliates), in cash, an amount based upon a decrease or increase, as applicable, in the value of the shares of the Common Stock between the date of the applicable cash-settled equity swap agreement and the maturity date set forth therein

As set forth in Item 3 above, the Reporting Persons and/or their affiliates are parties to one or more prime brokerage and/or other similar agreements, including margin agreements, that provide for margin borrowing in accounts established and maintained with one or more prime brokers and/or other third parties which extend margin credit in the ordinary course of business as and when required by the Reporting Persons, which such agreements govern the shares of the Common Stock reported herein as well as a wide variety of other securities.

Except as otherwise described herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 of the Schedule 13D and between such persons and any person with respect to any securities of the Issuer, including any class of the Issuer's securities used as a reference security, in connection with any call options, put options, security-based swaps or any other derivative securities, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Icahn Enterprises L.P.

**Signature:** /s/ Ted Papapostolou

**Name/Title:** Ted Papapostolou / Chief Financial Officer and Secretary

**Date:** 11/05/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Carl C. Icahn

**Signature:** /s/ Carl C. Icahn

**Name/Title:** Carl C. Icahn

**Date:** 11/05/2025