Exporting Reports with Links

We have a Report that we are exporting with multiple HTML links in a field, but when we open it in Excel, it's just text. I updated the valueformat to be HTML, but then the data doesn't pull in. Here's the Text Mode data as it was by default, I think I missed something. We want them to be clickable links in Excel as well.

displayname=
linkedname=direct
namekey=Photos Uploaded
querysort=DE:Photos Uploaded
textmode=true
valuefield=Photos Uploaded
valueformat=customDataLabelsAsString

Thank you!