Export Underscore in HTML Format

I have URLs in a field as part of data that I am exporting using Custom Text Export with a format of HTML.

When I examine the result, any underscores in the URL are replace with spaces.

How can I have the underscores preserved in the result?

I tried to duplicate your results, but I could not. In my experiments, the underscores exported just fine - they were NOT replaced with spaces. There must be some detail that you are not mentioning.

Thanks. Your reply had me reviewing the process and I see the underscore was removed in a later step outside Panorama which I can fix without your further assistance.