Walmart's Global Environmental, Social, and Governance (ESG) Capital Asset Portfolio — page 1

S T R AT E G I C C A P I TA L A N A LY S I S

GLOBAL ESG

CAPITAL ASSET

PORTFOLIO 2026

Sustainability, Resilience, and Shared Value

WALMART INC. CORPORATE DISCLOSURE

Integrated Governance and Environmental Stewardship Report

Walmart's Global Environmental, Social, and Governance (ESG) Capital Asset Portfolio — page 2

STRATEGIC OVERVIEW

WALMART ESG 2026

The Path to a Regenerative Company

Walmart’s ESG strategy is rooted in the concept of "Shared Value"—the idea that a company can only be

successful in the long term if it creates value for all stakeholders, including customers, associates, suppliers,

and the planet. We have transitioned from a focus on "doing less harm" to becoming a

regenerative company

Our ESG Capital Asset Portfolio represents billions of dollars in strategic investments aimed at decarbonizing

our operations, strengthening global supply chain resilience, and fostering inclusive economic opportunity.

Net Zero

GOAL FOR OPERATIONS BY 2040

100%

RENEWABLE ENERGY TARGET BY 2035

Core ESG Pillars

Climate & Planet:

Scaling renewable energy and eliminating waste across the value chain.

People & Opportunity:

Investing in workforce development, wages, and diversity.

Governance & Ethics:

Ensuring transparency, data privacy, and ethical sourcing standards.

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Page 2 | Walmart ESG Portfolio

Walmart's Global Environmental, Social, and Governance (ESG) Capital Asset Portfolio — page 3

ENVIRONMENTAL STEWARDSHIP

DECARBONIZATION

Project Gigaton™

Launched in 2017, Project Gigaton is one of the most ambitious supply chain initiatives in the retail industry.

Our goal was to avoid one billion metric tons (a gigaton) of greenhouse gas emissions from our global value

chain by 2030.

We are pleased to report that we surpassed this milestone in early 2024, years ahead of

schedule.

Key Drivers of Success

The success of Project Gigaton is built on supplier collaboration across six key pillars:

Energy:

Shifting to renewables.

Waste:

Moving toward circularity.

Packaging:

Optimizing materials.

Transportation:

Logistical efficiency.

Nature:

Protecting biodiversity.

Product Use:

Efficient design.

Page 3 | Walmart ESG Portfolio

Walmart's Global Environmental, Social, and Governance (ESG) Capital Asset Portfolio — page 4

CLEAN ENERGY

CAPITAL ASSETS

Scaling Renewable Infrastructure

Walmart is aggressively expanding its renewable energy portfolio to meet our goal of being powered by 100%

renewable energy by 2035. As of 2026, we have secured contracts and on-site installations that cover nearly

half of our global electricity needs.

Portfolio Highlights

On-site Solar:

Over 600 installations globally on

store rooftops.

Utility PPAs:

Large-scale wind and solar contracts

in Texas, Oklahoma, and India.

Community Solar:

Supporting local grids while

reducing operational costs.

Beyond electricity, we are piloting

green hydrogen

for our forklift fleets in distribution centers and investing in

EV charging infrastructure

for our customers, creating the largest private charging network in the US.

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Page 4 | Walmart ESG Portfolio

Walmart's Global Environmental, Social, and Governance (ESG) Capital Asset Portfolio — page 5

SUPPLY CHAIN

GOVERNANCE

Ethical Sourcing & Chain of Custody

Walmart's global supply chain is governed by our "Standards for Suppliers." We utilize technology to ensure

that the products on our shelves are sourced ethically and sustainably.

Governance Framework

Responsible Sourcing:

Mandatory third-party social compliance audits for facilities in high-risk categories.

Blockchain Transparency:

Utilizing IBM Food Trust to track the journey of leafy greens and seafood from

farm/ocean to store.

Commodity Commitments:

100% of Walmart private-brand palm oil and pulp/paper products are now

sourced through certified sustainable channels (RSPO/FSC).

Note on Human Rights:

Our Global Human Rights Statement governs our approach to fair labor

practices, aiming to eliminate forced labor and ensure worker safety across 100,000+ suppliers.

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Page 5 | Walmart ESG Portfolio

Walmart's Global Environmental, Social, and Governance (ESG) Capital Asset Portfolio — page 6

WASTE REDUCTION

CIRCULARITY

Zero Waste Operations

Walmart is working toward zero waste in our global operations. This involves a multi-pronged strategy to divert

materials from landfills and reintegrate them into the circular economy.

Strategic Diversion Metrics

78%

GLOBAL DIVERSION RATE

2B+ lbs

FOOD DONATED ANNUALLY

Packaging Innovation

We are optimizing private-brand packaging to be 100% recyclable, reusable, or industrially compostable by

2025. Our "Circular Connector" tool helps suppliers find sustainable packaging solutions to replace hard-to-

recycle plastics.

Plastic Reduction:

Elimination of single-use plastic mailers in our e-commerce fulfillment and the rollout of

"bagless" store options in several markets.

Page 6 | Walmart ESG Portfolio

Walmart's Global Environmental, Social, and Governance (ESG) Capital Asset Portfolio — page 7

SOCIAL CAPITAL

ASSOCIATE OPPORTUNITY

Investing in Our Associates

Our social strategy focuses on providing a path for economic mobility for our 2 million+ associates. We believe

that a skilled, diverse, and engaged workforce is a competitive advantage.

Economic Mobility Path

Wages:

Minimum starting wages have increased by over 50% in the last five years.

Education:

Through "Live Better U," Walmart pays 100% of tuition and books for associates to earn

certificates or degrees.

Diversity, Equity & Inclusion (DEI):

We publish semi-annual DEI reports. Currently, 50%+ of our US

management roles are held by women or people of color.

Impact Study:

75% of our US store management teams started as hourly associates, demonstrating a

robust internal pipeline for growth.

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Page 7 | Walmart ESG Portfolio

Walmart's Global Environmental, Social, and Governance (ESG) Capital Asset Portfolio — page 8

RESILIENCE

COMMUNITY IMPACT

Climate Resilience & Crisis Response

As climate change increases the frequency of extreme weather, Walmart serves as a critical infrastructure

provider for communities. Our Emergency Operations Center (EOC) coordinates responses to hurricanes,

wildfires, and floods.

Infrastructure Resilience

We are investing in building retrofits and smart grid technology to ensure our stores can remain operational

during power outages, providing essential supplies, pharmacy services, and charging stations to the public.

Walmart Foundation

The Walmart Foundation provides millions in grants to local non-profits. In 2025, a significant portion of

funding was directed toward

smallholder farmer resilience

in emerging markets, helping them adapt to

changing climate patterns.

Page 8 | Walmart ESG Portfolio

Walmart's Global Environmental, Social, and Governance (ESG) Capital Asset Portfolio — page 9

NATURAL CAPITAL

WATER STEWARDSHIP

Protecting Water Resources

Water is essential to our business—from the crops our suppliers grow to the operations of our stores. We

focus on water efficiency and high-standard wastewater discharge.

Operational Efficiency

Deploying smart irrigation systems and low-flow

fixtures across our global retail footprint.

Supply Chain Water Risk

Using WRI Aqueduct tools to map water stress in

our supply chain and working with textile

suppliers to reduce water intensity.

Restoration Goal:

By 2030, Walmart aims to protect, manage, or restore at least 50 million acres of land and 1

million square miles of ocean, which directly impacts water cycle health and carbon sequestration.

Page 9 | Walmart ESG Portfolio

Walmart's Global Environmental, Social, and Governance (ESG) Capital Asset Portfolio — page 10

GOVERNANCE

ETHICAL LEADERSHIP

Governance & Board Oversight

Effective ESG management starts at the top. Our Board of Directors provides oversight on sustainability and

social strategy through the Nominating and Governance Committee.

Key Governance Practices

Board Diversity:

40%+ of our board members are women or from underrepresented groups.

Executive Incentives:

A portion of executive compensation is linked to ESG performance metrics, including

diversity and climate goals.

Data Privacy & Security:

Robust oversight of digital trust and cybersecurity, ensuring customer data is

protected through the "Digital Trust Commitment."

Walmart maintains a culture of integrity through our "Global Statement of Ethics," which applies to every

associate at every level of the organization.

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Page 10 | Walmart ESG Portfolio

Walmart's Global Environmental, Social, and Governance (ESG) Capital Asset Portfolio — page 11

PERFORMANCE DATA

ESG METRICS

ESG Data Table (2025-2026)

Indicator

2024

2025 (E)

Target

Scope 1 & 2 Emissions (MT CO2e)

14.5M

12.8M

Net Zero (2040)

Renewable Energy Sourcing (%)

46%

48%

100% (2035)

US Associate Average Hourly Wage

$17.50

$18.20

Project Gigaton Cumulative (Billion Tons)

1.0

1.2

Beyond Gigaton

Walmart reports in accordance with the Sustainability Accounting Standards Board (SASB), the Task Force on Climate-related Financial

Disclosures (TCFD), and the Global Reporting Initiative (GRI) standards.

Page 11 | Walmart ESG Portfolio

Walmart's Global Environmental, Social, and Governance (ESG) Capital Asset Portfolio — page 12

STRATEGIC OUTLOOK

CLOSING STATEMENT

The Future of Value Creation

Walmart’s ESG journey is an ongoing evolution. By leveraging our scale for good, we are

not just mitigating risks—we are uncovering new opportunities to lead in a low-carbon,

inclusive economy.

2040

Our Vision for a Net-Zero Future

Walmart Inc. ESG Capital Assets

stockholder.walmart.com | sustainability.walmart.com

Page 12 | Walmart ESG Portfolio 2026 Edition

Walmart's Global Environmental, Social, and Governance (ESG) Capital Asset Portfolio

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