Formal:
* Estamos muito felizes: This is the most literal translation and is suitable for formal situations.
* Sentimo-nos muito felizes: This is another formal option that emphasizes the feeling of happiness.
Informal:
* Estamos super felizes: This is a more casual way to say "are very happy" and is commonly used among friends and family.
* Estamos radiantes de felicidade: This is a more poetic way to say "are very happy" and is often used in romantic contexts.
* Estamos muito contentes: This is a slightly less intense way to say "are very happy" and is suitable for most informal situations.
Note: The choice of the best phrase will depend on the context and the level of formality desired.