The Walt Disney Company

05/21/2026 | Press release | Distributed by Public on 05/21/2026 14:51

Specialized Disclosure Report (Form SD)



Conflict Minerals Report For Calendar Year 2025

This is The Walt Disney Company's 2025 (January 1 to December 31, 2025) Conflict Minerals Report ("CMR") pursuant to Rule 13p-1 of the Securities Exchange Act of 1934, as amended (the "Conflict Minerals Rule").
Background
The Walt Disney Company, together with its subsidiaries, is a diversified worldwide entertainment company with operations in three segments: Entertainment, Sports and Experiences. For convenience, the terms "Company," "Disney," "we," and "our" are used in this CMR to refer collectively to the parent company, The Walt Disney Company, and its consolidated subsidiaries through which its various businesses were actually conducted during calendar 2025.
The products we sell that may include gold, columbite-tantalite (coltan), cassiterite, wolframite or their derivatives, tantalum, tin, and tungsten (collectively, the "Subject Minerals" or "3TG"), that are necessary to the products' functionality or production ("necessary Subject Minerals"), are items such as clothing, accessories, electronic toys, jewelry, and other consumer goods. We classify these items together as retail merchandise, and that is the product category covered by this CMR. We sell many of these items at our entertainment venues, including our parks and resorts, and directly through Disney Stores, including our online stores. We also sell retail merchandise wholesale to other retailers.
The sale of retail merchandise in calendar 2025 was nominal. Due to the dynamic nature of our business, the items we sell change rapidly, regularly replaced by other items sourced from other suppliers. The Company does not manufacture any of the retail merchandise it sells, sourcing the specific merchandise items that may contain Subject Minerals from suppliers. Many of our suppliers themselves source components of these items from numerous other suppliers, and our direct suppliers are often many steps removed from the source of the raw materials contained in the items. In addition, in many cases the items we acquire from a supplier represent a small portion of the supplier's total production. The number, diversity, and frequent turnover of the retail merchandise we sell, the number and turnover of suppliers, and our remote position in the supply chain make it difficult for us to determine and track the source of individual items, the nature of the raw materials included in the items, and the source of those raw materials.
Our Conflict Minerals Compliance Program (the "Program") is designed to collect relevant information about the sources of raw materials in our products that is as complete as reasonably possible given the large number and diversity of products we sell and in light of our position in the supply chain.
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Our Program is focused on identifying suppliers of retail merchandise that may contain necessary Subject Minerals and gathering information about the supply chain practices of those suppliers. The Program conforms in all material respects to the elements of the guidance set forth in the Organisation for Economic Cooperation and Development Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas: Third Edition (the "OECD Guidance"). Consistent with the OECD Guidance, our Program includes:
•strong company management systems (including a Conflict Minerals Policy and an established internal management structure);
•identification and assessment of risk in the supply chain through a Reasonable Country of Origin Inquiry ("RCOI");
•a strategy to respond to identified risks through due diligence procedures that include follow-up with suppliers who either provide insufficient information to identify sources of necessary Subject Minerals or who provide information indicating that they may source necessary Subject Minerals that may have originated in the Democratic Republic of the Congo or adjoining countries ("Covered Countries");
•a process to support and leverage organizations like Responsible Minerals Initiative's ("RMI") independent third-party audits of smelter and refiner due diligence practices1; and
•reporting on results of the Program through this CMR.
Company Management Systems
The Company has developed strong management systems that include the following components:
1.Conflict Minerals Policy. A Conflict Minerals Policy that sets out the steps we are taking to comply with the Conflict Minerals Rule. These steps include: the establishment of the internal management structure described below; engagement with suppliers as described in this report; reporting required by the Conflict Minerals Rule; and monitoring developments relating to conflict minerals with an eye to enhancing the Program. Our policy was distributed to suppliers who may supply us with products covered by the Conflict Minerals Rule and is posted on our website at https://impact.disney.com/resources/conflict-minerals-policy/. The policy includes a mechanism for reporting concerns or asking questions regarding the policy.
2.Internal Management Structure. A management oversight structure that includes input from executive-level representatives of Global Product & Labor Standards, Global Public Policy, Legal, Controllership, Investor Relations, and Corporate Communications. These executives are responsible for providing governance and oversight over the execution of the Program and for monitoring the Program's compliance with regulatory requirements and
1 The Company does not purchase raw materials or ores, does not directly purchase 3TG, and is many steps removed from the smelters and refiners that provide minerals and ores to our suppliers. Because of this, we do not audit or direct audits of smelters and refiners in the supply chain. Instead, we leverage organizations like RMI's independent third-party audits of smelter and refiner due diligence practices.
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satisfaction of enterprise goals. The day-to-day implementation of the Program is conducted by a Conflict Minerals Compliance Program Team within our Global Product & Labor Standards organization, which is included within our Chief Financial Officer's purview.
3.Chain of Custody and Traceability. A process that provides support for and engagement with the RMI. The data on which we relied for certain statements in this report was obtained through our membership in RMI using their RCOI report.
Identification and Assessment of Risk Through Reasonable Country of Origin Inquiry
Our RCOI for calendar 2025 included conducting surveys of 91 suppliers that manufactured retail merchandise that may include Subject Minerals to understand their supply chain relating to Subject Minerals.
The calendar 2025 survey responses used RMI's Conflict Minerals Reporting Template (CMRT), revision 6.5. We received CMRT responses from 91 suppliers, or 100% of the survey group. We supplemented the CMRT with additional questions available in multiple languages designed to provide visibility into these suppliers' sourcing activities, including the basis for their responses regarding the source of Subject Minerals in the retail merchandise they supplied to us. We also provided these suppliers with access to a technical support specialist during the survey phase and provided training documents in multiple languages that highlight Frequently Asked Questions on Conflict Minerals and Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as instructions on how to complete the CMRT.
Our communications included our expectations for response and noted that the Conflict Minerals Rule was not intended to stop companies and their suppliers from sourcing from the Covered Countries and that such an embargo would be contrary to the intent of the Conflict Minerals Rule.
Based on CMRT survey responses, interviews, and further review of the retail merchandise supplied, we identified 36 suppliers who manufactured retail merchandise for us that most likely contained necessary Subject Minerals. Based on the responses of these suppliers:
•for 17 suppliers, the smelters or refiners in their supply chain did not source the necessary Subject Minerals from Covered Countries for the products they supplied to us, and they provided sufficient information regarding their supply chain program for us to determine that such response was reliable; and
•for 19 suppliers, at least one smelter or refiner in their supply chain may source Subject Minerals from Covered Countries or unknown countries of origin for the products they supplied to us, and not solely from recycled or scrap sources.

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Due Diligence Measures Performed
Based on our assessment of the survey responses gathered as part of our RCOI for calendar 2025, as described above, we implemented due diligence measures with respect to the suppliers identified in the process above. These measures included:
•Performance of targeted follow-up with suppliers who did not initially respond to the survey.
•Verification of information regarding smelters and refiners provided by our suppliers with the RMI's list of conformant smelters and refiners and other lists provided by accredited organizations such as London Bullion Market Association (LBMA) or Responsible Jewelry Council (RJC). Through this effort, we validated the responses of suppliers who indicated that the Subject Minerals in all the products supplied to us did not originate in the Covered Countries.

We also encouraged suppliers who may have sourced Subject Minerals (or product components from sub-suppliers who may have sourced Subject Minerals) from non-conformant smelters or refiners to source from smelters and refiners who were conformant with the relevant RMAP assessment protocols of the RMI, or from another accredited organization.

Smelters, Refiners, and Countries of Origin Information
The 36 surveyed suppliers identified 209 smelters or refiners that supplied them with Subject Minerals.
We identified through the relevant RMAP assessment protocols of the RMI or other accredited organizations that:
•197 of these smelters or refiners were conformant to a responsible mineral assurance program (such as RMI)
•11 of these smelters or refiners were not conformant to a responsible mineral assurance program (such as RMI)2

2 The 11 smelters or refiners identified as not conformant do not include one smelter or refiner identified by suppliers that closed in 2024.
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The following chart shows conformance status by mineral.
We cannot determine whether the 11 smelters and refiners that were not conformant with the relevant RMAP assessment protocols of the RMI sourced necessary Subject Minerals from Covered Countries for the retail merchandise we sell.
Also, our surveyed suppliers could not confirm whether each smelter or refiner they used supplied Subject Minerals in retail merchandise manufactured for the Company. Therefore, we are unable to determine with certainty either the facilities used to process or the source (country, mine or other location) of the actual necessary Subject Minerals for all the retail merchandise we sell.
Listed in Attachment A are the identified smelters and refiners based on the information provided by our surveyed suppliers and listed in Attachment B are the origin of the Subject Minerals.

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Attachment A
Smelters and Refiners Identified by Suppliers

The following table identifies each of the smelters and refiners identified by our surveyed suppliers that may have processed necessary Subject Minerals in retail merchandise manufactured by the supplier. The table includes the name of the smelter or refiner, the Subject Minerals supplied by the smelter or refiner, the location of the smelter or refiner, and the certification obtained by the smelter or refiner, if any. Of the 209 smelters and refiners identified below, 197 were conformant with RMAP assessment protocols of the RMI or other accredited organizations. Disney has encouraged its suppliers to work with the non-conformant smelters to gain certification from RMI or other accredited organizations, or to source from certified smelters or refiners.
Mineral Smelter or Refiner Name
ISO Country/Region
Code3
Certification Certified
Gold Abington Reldan Metals, LLC US Yes
Gold Advanced Chemical Company US Yes
Gold Agosi AG DE * ‡ † Yes
Gold Aida Chemical Industries Co., Ltd. JP Yes
Gold Almalyk Mining and Metallurgical Complex (AMMC) UZ * † Yes
Gold AngloGold Ashanti Corrego do Sitio Mineracao BR * † Yes
Gold Argor-Heraeus S.A. CH * ‡ † Yes
Gold ASAHI METALFINE, Inc. JP * † Yes
Gold Asahi Refining Canada Ltd. CA * † Yes
Gold Asahi Refining USA Inc. US * † Yes
Gold Asaka Riken Co., Ltd. JP Yes
Gold Aurubis AG DE * † Yes
Gold Bangko Sentral ng Pilipinas (Central Bank of the Philippines) PH * † Yes
Gold Boliden Mineral AB (Ronnskar) SE * † Yes
Gold C. Hafner GmbH + Co. KG DE * ‡ † Yes
Gold Chimet S.p.A. IT * † Yes
Gold Chugai Mining JP Yes
Gold Coimpa Industrial LTDA BR Yes
Gold Dowa JP Yes
Gold DSC (Do Sung Corporation) KR Yes
Gold Eco-System Recycling Co., Ltd. East Plant JP Yes
Gold Eco-System Recycling Co., Ltd. North Plant JP Yes
Gold Eco-System Recycling Co., Ltd. West Plant JP Yes
Gold Elite Industech Co., Ltd. TW Yes
Gold Glencore Canada Corporation - CCR Refinery CA * † Yes
Gold Gold by Gold Colombia CO Yes
Gold Gold Corporation - The Perth Mint AU * † Yes
Gold Guangdong Jinding Gold Limited CN No
Gold Heimerle + Meule GmbH DE * ‡ † Yes
Gold Heraeus Germany GmbH Co. KG DE Yes

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International Standards Organization
* LBMA
RJC
RMAP
** RMAP - Active
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Gold Heraeus Metals Hong Kong Ltd. CN * ‡ † Yes
Gold Inner Mongolia Qiankun Gold and Silver Refinery Share Co., Ltd. CN * † Yes
Gold Ishifuku Metal Industry Co., Ltd. JP * † Yes
Gold Istanbul Gold Refinery TR * † Yes
Gold Italpreziosi IT ‡ † Yes
Gold Japan Mint JP * † Yes
Gold Jiangxi Copper Co., Ltd. CN * † Yes
Gold JX Advanced Metals Corporation JP * † Yes
Gold Kazzinc Ltd KZ * † Yes
Gold KGHM Polska Miedz Spolka Akcyjna PL Yes
Gold Kojima Chemicals Co., Ltd. JP Yes
Gold Korea Zinc Co., Ltd. KR Yes
Gold L'Orfebre S.A. AD No
Gold LS MnM Inc. KR * † Yes
Gold LT Metal Ltd. KR Yes
Gold Materion US Yes
Gold Matsuda Sangyo Co., Ltd. JP * † Yes
Gold Metal Concentrators SA (Pty) Ltd. ZA ‡ † Yes
Gold Metalor Technologies (Hong Kong) Ltd. CN * ‡ † Yes
Gold Metalor Technologies (Singapore) Pte., Ltd. SG * ‡ † Yes
Gold Metalor Technologies (Suzhou) Ltd. CN * ‡ † Yes
Gold Metalor Technologies S.A. CH * ‡ † Yes
Gold Metalor USA Refining Corporation US * ‡ † Yes
Gold Metalurgica Met-Mex Penoles S.A. De C.V. MX * † Yes
Gold Mitsubishi Materials Corporation JP * † Yes
Gold Mitsui Mining and Smelting Co., Ltd. JP * † Yes
Gold MKS PAMP SA CH * † Yes
Gold MMTC-PAMP India Pvt., Ltd. IN * † Yes
Gold Nadir Metal Rafineri San. Ve Tic. A.S. TR * † Yes
Gold Navoi Mining and Metallurgical Combinat UZ * † Yes
Gold NH Recytech Company KR Yes
Gold Nihon Material Co., Ltd. JP * † Yes
Gold Ogussa Osterreichische Gold- und Silber-Scheideanstalt GmbH AT ‡ ** Yes
Gold Ohura Precious Metal Industry Co., Ltd. JP Yes
Gold Planta Recuperadora de Metales SpA CL Yes
Gold PT Aneka Tambang (Persero) Tbk ID * † Yes
Gold PX Precinox S.A. CH * † Yes
Gold Rand Refinery (Pty) Ltd. ZA * † Yes
Gold REMONDIS PMR B.V. NL Yes
Gold Royal Canadian Mint CA * † Yes
Gold SAFINA A.S. CZ Yes
Gold SEMPSA Joyeria Plateria S.A. ES * ‡ † Yes
Gold Shandong Gold Smelting Co., Ltd. CN * † Yes
Gold Shandong Zhaojin Gold & Silver Refinery Co., Ltd. CN * † Yes
Gold Sichuan Tianze Precious Metals Co., Ltd. CN * † Yes
Gold Solar Applied Materials Technology Corp. TW * † Yes
Gold Sumitomo Metal Mining Co., Ltd. JP * † Yes
Gold SungEel HiMetal Co., Ltd. KR Yes
Gold T.C.A S.p.A IT * † Yes
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Gold Tanaka Kikinzoku Kogyo K.K. JP * † Yes
Gold Tokuriki Honten Co., Ltd. JP * † Yes
Gold TOO Tau-Ken-Altyn KZ * † Yes
Gold Torecom KR No
Gold Umicore Precious Metals Thailand TH No
Gold Umicore S.A. Business Unit Precious Metals Refining BE * † Yes
Gold United Precious Metal Refining, Inc. US Yes
Gold Valcambi S.A. CH * ‡ † Yes
Gold WEEEREFINING FR No
Gold WIELAND Edelmetalle GmbH DE ‡ † Yes
Gold Yamakin Co., Ltd. JP Yes
Gold Yokohama Metal Co., Ltd. JP Yes
Gold Zhongyuan Gold Smelter of Zhongjin Gold Corporation CN * † Yes
Gold Zijin Mining Group Gold Smelting Co. Ltd. CN * † Yes
Tantalum AMG Brasil BR Yes
Tantalum D Block Metals, LLC US Yes
Tantalum F&X Electro-Materials Ltd. CN Yes
Tantalum FIR Metals & Resource Ltd. CN Yes
Tantalum Global Advanced Metals Aizu JP Yes
Tantalum Global Advanced Metals Boyertown US Yes
Tantalum Hengyang King Xing Lifeng New Materials Co., Ltd. CN Yes
Tantalum Jiangxi Dinghai Tantalum & Niobium Co., Ltd. CN Yes
Tantalum Jiangxi Tuohong New Raw Material CN Yes
Tantalum JiuJiang JinXin Nonferrous Metals Co., Ltd. CN Yes
Tantalum Jiujiang Tanbre Co., Ltd. CN Yes
Tantalum Jiujiang Zhongao Tantalum & Niobium Co., Ltd. CN Yes
Tantalum KEMET de Mexico MX Yes
Tantalum Materion Newton Inc. US Yes
Tantalum Metallurgical Products India Pvt., Ltd. IN Yes
Tantalum Mineracao Taboca S.A. BR Yes
Tantalum Mitsui Mining and Smelting Co., Ltd. JP Yes
Tantalum Ningxia Orient Tantalum Industry Co., Ltd. CN Yes
Tantalum NPM Silmet OU EE Yes
Tantalum QuantumClean US Yes
Tantalum Resind Industria e Comercio Ltda. BR Yes
Tantalum RFH Yancheng Jinye New Material Technology Co., Ltd. CN Yes
Tantalum Taki Chemical Co., Ltd. JP Yes
Tantalum TANIOBIS Co., Ltd. TH Yes
Tantalum TANIOBIS GmbH DE Yes
Tantalum TANIOBIS Japan Co., Ltd. JP Yes
Tantalum TANIOBIS Smelting GmbH & Co. KG DE Yes
Tantalum Telex Metals US Yes
Tantalum Ulba Metallurgical Plant JSC KZ Yes
Tantalum XIMEI RESOURCES (GUANGDONG) LIMITED CN Yes
Tantalum XinXing Haorong Electronic Material Co., Ltd. CN Yes
Tantalum Yanling Jincheng Tantalum & Niobium Co., Ltd. CN Yes
Tin Alpha Assembly Solutions Inc US Yes
Tin Aurubis Beerse BE Yes
Tin Aurubis Berango ES Yes
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Tin Chenzhou Yunxiang Mining and Metallurgy Co., Ltd. CN Yes
Tin Chifeng Dajingzi Tin Industry Co., Ltd. CN Yes
Tin China Tin Group Co., Ltd. CN Yes
Tin CRM Fundicao De Metais E Comercio De Equipamentos Eletronicos Do Brasil Ltda BR ** No
Tin CRM Synergies EMEA, S.L.U. ES Yes
Tin Dowa JP Yes
Tin EM Vinto BO Yes
Tin Estanho de Rondonia S.A. BR Yes
Tin Fabrica Auricchio Industria e Comercio Ltda. BR Yes
Tin Fenix Metals PL Yes
Tin Gejiu Non-Ferrous Metal Processing Co., Ltd. CN Yes
Tin Guangdong Hanhe Non-Ferrous Metal Co., Ltd. CN Yes
Tin HuiChang Hill Tin Industry Co., Ltd. CN Yes
Tin Jiangxi New Nanshan Technology Ltd. CN ** No
Tin Luna Smelter, Ltd. RW Yes
Tin Magnu's Minerais Metais e Ligas Ltda. BR Yes
Tin Malaysia Smelting Corporation (MSC) MY Closed
Tin Malaysia Smelting Corporation Berhad (Port Klang) MY Yes
Tin Metallic Resources, Inc. US Yes
Tin Mineracao Taboca S.A. BR Yes
Tin Mining Minerals Resources SARL CD Yes
Tin Minsur PE Yes
Tin Mitsubishi Materials Corporation JP Yes
Tin O.M. Manufacturing (Thailand) Co., Ltd. TH Yes
Tin O.M. Manufacturing Philippines, Inc. PH Yes
Tin Operaciones Metalurgicas S.A. BO Yes
Tin PT Arsed Indonesia ID Yes
Tin PT ATD Makmur Mandiri Jaya ID Yes
Tin PT Bangka Prima Tin ID Yes
Tin PT Cipta Persada Mulia ID Yes
Tin PT Mitra Stania Prima ID Yes
Tin PT Mitra Sukses Globalindo ID Yes
Tin PT Premium Tin Indonesia ID Yes
Tin PT Prima Timah Utama ID Yes
Tin PT Putera Sarana Shakti (PT PSS) ID Yes
Tin PT Rajehan Ariq ID Yes
Tin PT Timah Tbk Kundur ID Yes
Tin PT Timah Tbk Mentok ID Yes
Tin Resind Industria e Comercio Ltda. BR Yes
Tin Rui Da Hung TW Yes
Tin Super Ligas BR Yes
Tin Takehara PVD Materials Plant / PVD Materials Division of MITSUI MINING & SMELTING CO., LTD. JP Yes
Tin Thaisarco TH Yes
Tin Tin Smelting Branch of Yunnan Tin Co., Ltd. CN Yes
Tin Tin Technology & Refining US Yes
Tin White Solder Metalurgia e Mineracao Ltda. BR Yes
Tin Yunnan Chengfeng Non-ferrous Metals Co., Ltd. CN No
Tin Yunnan Yunfan Non-ferrous Metals Co., Ltd. CN Yes
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Tungsten A.L.M.T. Corp. JP Yes
Tungsten Asia Tungsten Products Vietnam Ltd. VN Yes
Tungsten China Molybdenum Tungsten Co., Ltd. CN Yes
Tungsten Chongyi Zhangyuan Tungsten Co., Ltd. CN Yes
Tungsten Cronimet Brasil Ltda BR Yes
Tungsten Fujian Xinlu Tungsten Co., Ltd. CN No
Tungsten Ganzhou Jiangwu Ferrotungsten Co., Ltd. CN No
Tungsten Ganzhou Seadragon W & Mo Co., Ltd. CN Yes
Tungsten Global Tungsten & Powders LLC US Yes
Tungsten Guangdong Xianglu Tungsten Co., Ltd. CN Yes
Tungsten H.C. Starck Tungsten GmbH DE Yes
Tungsten Hubei Green Tungsten Co., Ltd. CN Yes
Tungsten Hunan Shizhuyuan Nonferrous Metals Co., Ltd. Chenzhou Tungsten Products Branch CN No
Tungsten Japan New Metals Co., Ltd. JP Yes
Tungsten Jiangwu H.C. Starck Tungsten Products Co., Ltd. CN Yes
Tungsten Jiangxi Gan Bei Tungsten Co., Ltd. CN Yes
Tungsten Jiangxi Tonggu Non-ferrous Metallurgical & Chemical Co., Ltd. CN Yes
Tungsten Jiangxi Xinsheng Tungsten Industry Co., Ltd. CN Yes
Tungsten Jiangxi Yaosheng Tungsten Co., Ltd. CN Yes
Tungsten KENEE MINING VIETNAM COMPANY LIMITED VN Yes
Tungsten Kennametal Fallon US Yes
Tungsten Kennametal Huntsville US Yes
Tungsten Lianyou Metals Co., Ltd. TW Yes
Tungsten Lianyou Resources Co., Ltd. TW Yes
Tungsten Malipo Haiyu Tungsten Co., Ltd. CN Yes
Tungsten Masan High-Tech Materials VN Yes
Tungsten Niagara Refining LLC US Yes
Tungsten Philippine Chuangxin Industrial Co., Inc. PH Yes
Tungsten Shinwon Tungsten (Fujian Shanghang) Co., Ltd. CN Yes
Tungsten TANIOBIS Smelting GmbH & Co. KG DE Yes
Tungsten Wolfram Bergbau und Hutten AG AT Yes
Tungsten Xiamen Tungsten (H.C.) Co., Ltd. CN Yes
Tungsten Xiamen Tungsten Co., Ltd. CN Yes

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Attachment B
Origin of Subject Minerals

The following table identifies the origin of the Subject Minerals as reported by our suppliers.
Angola Guinea Peru
Argentina Guyana Philippines
Armenia Hong Kong Poland
Australia Hungary Portugal
Austria India Russian Federation
Belarus Indonesia Rwanda
Belgium Ireland Saudi Arabia
Bermuda Israel Sierra Leone
Bolivia Italy Singapore
Brazil Japan Slovakia
Burundi Jersey South Africa
Cambodia Kazakhstan South Sudan
Canada Kenya Spain
Central African Republic Korea, Republic of Suriname
Chile Kyrgyzstan Sweden
China Lao People's Democratic Republic Switzerland
Colombia Luxembourg Taiwan
Congo (Brazzaville) Madagascar Tajikistan
Cote d'Ivoire Malaysia Tanzania
Czechia Mali Thailand
Djibouti Mexico Turkey
Democratic Republic of the Congo (Kinshasa) Mongolia Uganda
Ecuador Morocco United Arab Emirates
Egypt Mozambique United Kingdom
Estonia Myanmar United States
Ethiopia Namibia Uzbekistan
Finland Netherlands Viet Nam
France Niger Zambia
Germany Nigeria Zimbabwe
Ghana Papua New Guinea

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