The only way to do this is with a Macro:
Public Sub ReplaceHyperlinkURL(FindString As String, ReplaceString As String) Dim LinkURL, PreStr, PostStr, NewURL As String Dim FindPos, ReplaceLen, URLLen As Integer Dim MyDoc As Worksheet Dim MyCell As Range On Error GoTo ErrHandler Set MyDoc = ActiveSheet For Each MyCell In MyDoc.UsedRange If MyCell.Hyperlinks.Count > 0 Then LinkURL = MyCell(1).Hyperlinks(1).Address FindPos = InStr(1, LinkURL, FindString) If FindPos > 0 Then 'If FindString is found ReplaceLen = Len(FindString) URLLen = Len(LinkURL) PreStr = Mid(LinkURL, 1, FindPos - 1) PostStr = Mid(LinkURL, FindPos + ReplaceLen, URLLen) NewURL = PreStr & ReplaceString & PostStr MyCell(1).Hyperlinks(1).Address = NewURL 'Change the URL End If End If Next MyCell Exit Sub ErrHandler: MsgBox ("ReplaceHyperlinkURL error") End Sub The ReplaceHyperlinkURL code must be placed in a VBA code module. From a spreadsheet, Press Alt+F11 to open the VBA Editor. Then select Insert - Module from the menu. Copy the code and paste it into the module. Then save the module.
In order to run the procedure, create a macro that contains following line and run the macro in Excel. Be sure to replace the FindText with the portion of the address you want to find and ReplaceText with the text you want to replace it with.
Call ReplaceHyperlinkURL("FindText", "ReplaceText")