Create a new step called Send an HTTP request to SharePoint

I will be using this example:

Site Address: Enter the site you are targeting (e.g. https://contoso.com/sales)
Method: POST
Uri: _api/web/lists/GetByTitle(‘YourListName‘)/items(DynamicContentID) (e.g. _api/web/lists/GetByTitle(‘Company Dashboard’)/items()
For headers copy the below code then click the icon to paste

Headers

{ "Content-Type": "application/json;odata=verbose", "X-HTTP-Method": "MERGE", "IF-Match": "*" }

For body use the below code and change the bold items to your information

Body

{'__metadata': {'type':'SP.Data.Company_x005f_DashboardListItem'},'Design': {'Description': 'Completed', 'Url': 'https://fabozzi.net'} }

  • Company_x005f_Dashboard (_x005f_ translates to _)(meaning the site name is Company_Dashboard but the code for underscore is _x005f_)

    • Put your list name in this location
    • Go here for a list of codes related to the special character that I know
  • Design
    • This relates to the hyperlink column in your custom SharePoint List you enter above
  • Completed
    • This is the alternate text you want to see
  • https://fabozzi.net
    • This is the URL you want (Dynamic Content works as well)

References:

https://natechamberlain.com/2019/12/21/update-a-hyperlink-or-picture-column-in-sharepoint-using-microsoft-power-automate-flow/