URL parameter encrypting issue

I have a web page which is called from a link embedded in an email.
The URL to this web page has an encrypted email address as a URL parameter (needed for business logic, it can’t be a hash).
This URL parameter has equal symbols (=) in it as part of the encryption, which is breaking the URL name/value pattern

So I thought I would use the urlencode function to get around this issue, but this is not converting the “=” symbol to %3d?
When I introduce a space in the string the urlencode function is converting this correctly to %20, so I know this function is working

I know I can do a string replace to solve the issue manually, but thought urlencode should be taking care of this?

Am I on the right path with urlencode or am I missing something?
Am I correct in my assumption that the encryption output string is using base64 character set?

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