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Go to Insert, select Text, and choose Object.
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Select From File at the bottom left.
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Choose the PDF file you want to insert and then select OK.
Inserting a PDF isn't currently possible in Excel for the web. You can, however, insert a PDF in the Excel desktop app.
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To open the desktop app, at the top of the ribbon, select Editing > Open in Desktop App.
Don't have the Excel desktop app? Try or buy Microsoft 365.