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I have a saved search with links using formula text but when I create a PDF the report shows the html link tags on the value. How can I have the PDF render the html into the link in the PDF? Or just render the value of the link in the PDF?

You _might_ be able to use the string built-in `?eval`, but it's bad practice.
You could add two columns to your saved search, one for the URL and one for the label and construct the link in the PDF template (like `&lt;a href="${search.linkurlcol}"&gt;${search.linklabelcol}&lt;/a&gt;`)

Alternatively you may be able to use `?replace` string built-in (maybe with a regex pattern) to reconstruct the hyperlink

I think the reason you're seeing the html on your PDF is because NetSuite is sending the escaped html code as a string to the Freemarker, which is just treating it like a plain string, and not rendering it as html code (hence why I said `?eval` might work)

obligatory <https://freemarker.apache.org/docs/ref_builtins_expert.html#ref_builtin_eval|careful using ?eval> warning

Yes, I can see why that can be a problem.