Sub ConvertLinktoImage()
Application.ScreenUpdating = False

Dim LastRow As Long
LastRow = Cells(Rows.Count, 1).End(xlUp).Row

Dim LastCell As String
LastCell = "A" & LastRow

Dim ImageHeight As Long
Dim RowRange As Range
Set RowRange = ActiveSheet.Range("A1:" & LastCell)

Dim ImageShape As Shape

For Each cell In RowRange
    filenam = cell.Value
    ActiveSheet.Pictures.Insert(filenam).Select
    Set ImageShape = Selection.ShapeRange.Item(1)
    ImageHeight = ImageShape.Height
    With ImageShape
        .LockAspectRatio = msoTrue
        .Cut
    End With

    Cells(cell.Row, cell.Column).PasteSpecial
    cell.RowHeight = ImageHeight
Next cell

Application.ScreenUpdating = True
End Sub

cell.EntireRow.RowHeight = ImageHeight

cell.RowHeight = ImageHeight