Formal:
* Desejo-lhe um Feliz Natal! (Formal, literally "I wish you a Merry Christmas!")
* Que tenha um Feliz Natal! (Formal, literally "May you have a Merry Christmas!")
Informal:
* Feliz Natal! (Informal, literally "Merry Christmas!")
* Espero que tenha um Feliz Natal! (Informal, literally "I hope you have a Merry Christmas!")
* Boas Festas! (Informal, "Happy Holidays!")
Adding "Hope" to the sentence:
* Espero que tenha um Feliz Natal! (I hope you have a Merry Christmas!)
* Espero que passe um Feliz Natal! (I hope you have a good Christmas!)
You can choose the phrase that best fits the situation and your relationship with the person you're talking to.