Load pictures from Web pages not created in Excel
This per-user registry value controls whether Excel loads pictures when it opens or imports a Web page that was not created in Excel.
since 0.9.8.11
Purpose
Show registry keys (1)
HKCU\software\policies\microsoft\office\16.0\excel\internet\donotloadpictures
This per-user registry value controls whether Excel loads pictures when it opens or imports a Web page that was not created in Excel.
The value uses the REG_DWORD data type. Because the value name is phrased negatively, its meaning is the reverse of the positively worded display name:
0: Excel loads the affected pictures.1: Excel ignores the affected pictures and does not display them.
In the absence of an enforced policy setting, Excel loads these pictures by default.
Notes
Security
Allowing the pictures to load causes Excel to process image files contained in Web pages created by other applications. The relevant graphics decoders therefore become part of the attack surface if a page contains specially crafted image data and a corresponding vulnerability exists in Excel or a graphics component it uses.
A value of 1 prevents those pictures from being processed in this context and can reduce exposure to attacks involving malformed graphics. It does not broadly block all external content, Internet access, or other active content in Excel.
Possible side effects
With a value of 1, Web pages opened or imported in Excel can appear incomplete because their pictures are omitted. Users who do not open Web pages created by other applications in Excel are normally unaffected.
Notes
Because this value is stored under HKCU, it applies only to the corresponding user. The 16.0 version branch is shared by Excel 2016 and later desktop releases, including supported Microsoft 365 Apps installations.
For the associated positively worded policy, the Enabled state corresponds to registry data 0; the Disabled state corresponds to 1.
Microsoft documentation
Microsoft Support: Web Page options
Microsoft Learn: DefaultWebOptions.LoadPictures property (Excel)
Microsoft Download Center: Administrative Template files (ADMX/ADML) for Microsoft Office