This document contains the BUBBLES Validation results for validation Phase I and Phase II. It summarizes all the results obtain during the execution of the Validation Exercises carried out between June and October of 2021 (Phase I) and November 2021 and April 2022 (Phase II). This Validation Report is based on the template of SESAR Industrial Research projects. The template has been adapted to the particularities of an Exploratory Research project. BUBBLES Validation Report aims to present and validate the operational and interoperability results for the provision of separation management to UAS flying in Very Low-Level airspaces where U-space services are available. BUBBLES Validation activities are organized in two phases, combining simulation and experimental activities. The first Validation Phase focuses on nominal performance, whereas the second Validation Phase takes into account non-nominal conditions. Since BUBBLES is an Exploratory Research project, the initial maturity gate is V0 and the validation activities aim at demonstrating the achievement of V1