If you don't want to use Reporting Tools, you could also create the hyperlink by creating the Excel Hyperlink function within a Formula tool.
Excel Hyperlink Syntax: HYPERLINK(link_location, [friendly_name])
In Formula tool:
Create URL - if you are dynamically creating links (Maybe linking to different records in an internal application)
Create Hyperlink - '=hyperlink("' +[URL]+ '","' + [record id/ specific name in data set]+'")" '
Bold denotes "String Text"
In the final output, you would render that newly created "Hyperlink" column, and that would write to your excel output