I tested following scenario on 0.107.1-3ubuntu0.22.04.3:
ubuntu@romano:~$ cat /etc/netplan/99-bond.yaml 
network:
  version: 2
  ethernets:
    ens7f0:
      virtual-function-count: 16
      embedded-switch-mode: switchdev
      delay-virtual-functions-rebind: true

    ens7f1:
      virtual-function-count: 16
      embedded-switch-mode: switchdev
      delay-virtual-functions-rebind: true

  bonds:
    bond0:
      interfaces:
        - ens7f0
        - ens7f1
      parameters:
        mode: active-backup

bond created as expected:
ubuntu@romano:~$ cat /proc/net/bonding/bond0 
Ethernet Channel Bonding Driver: v5.15.0-174-generic

Bonding Mode: fault-tolerance (active-backup)
Primary Slave: None
Currently Active Slave: ens7f1
MII Status: up
MII Polling Interval (ms): 0
Up Delay (ms): 0
Down Delay (ms): 0
Peer Notification Delay (ms): 0

Slave Interface: ens7f1
MII Status: up
Speed: 100000 Mbps
Duplex: full
Link Failure Count: 0
Permanent HW addr: b8:3f:d2:2d:68:7f
Slave queue ID: 0

Slave Interface: ens7f0
MII Status: up
Speed: Unknown
Duplex: Unknown
Link Failure Count: 0
Permanent HW addr: b8:3f:d2:2d:68:7e
Slave queue ID: 0

Both interfaces switch to eswitch mode:
ubuntu@romano:~$ sudo devlink dev eswitch show pci/0000:61:00.0
pci/0000:61:00.0: mode switchdev inline-mode none encap-mode basic
ubuntu@romano:~$ sudo devlink dev eswitch show pci/0000:61:00.1
pci/0000:61:00.1: mode switchdev inline-mode none encap-mode basic

Both PFs created 16 VFs:
root@romano:/home/ubuntu# ip l show  ens7f0
5: ens7f0: <NO-CARRIER,BROADCAST,MULTICAST,SLAVE,UP> mtu 1500 qdisc mq master 
bond0 state DOWN mode DEFAULT group default qlen 1000
    link/ether 5e:52:b2:1b:0e:07 brd ff:ff:ff:ff:ff:ff permaddr 
b8:3f:d2:2d:68:7e
    vf 0     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 1     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 2     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 3     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 4     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 5     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 6     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 7     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 8     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 9     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 10     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof 
checking off, link-state disable, trust off, query_rss off
    vf 11     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof 
checking off, link-state disable, trust off, query_rss off
    vf 12     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof 
checking off, link-state disable, trust off, query_rss off
    vf 13     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof 
checking off, link-state disable, trust off, query_rss off
    vf 14     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof 
checking off, link-state disable, trust off, query_rss off
    vf 15     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof 
checking off, link-state disable, trust off, query_rss off
    altname enp97s0f0np0
root@romano:/home/ubuntu# ip l show  ens7f1
6: ens7f1: <BROADCAST,MULTICAST,SLAVE,UP,LOWER_UP> mtu 1500 qdisc mq master 
bond0 state UP mode DEFAULT group default qlen 1000
    link/ether 5e:52:b2:1b:0e:07 brd ff:ff:ff:ff:ff:ff permaddr 
b8:3f:d2:2d:68:7f
    vf 0     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 1     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 2     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 3     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 4     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 5     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 6     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 7     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 8     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 9     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof checking 
off, link-state disable, trust off, query_rss off
    vf 10     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof 
checking off, link-state disable, trust off, query_rss off
    vf 11     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof 
checking off, link-state disable, trust off, query_rss off
    vf 12     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof 
checking off, link-state disable, trust off, query_rss off
    vf 13     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof 
checking off, link-state disable, trust off, query_rss off
    vf 14     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof 
checking off, link-state disable, trust off, query_rss off
    vf 15     link/ether 00:00:00:00:00:00 brd ff:ff:ff:ff:ff:ff, spoof 
checking off, link-state disable, trust off, query_rss off
    altname enp97s0f1np1

netplan-sriov-apply.service finished properly
root@romano:/home/ubuntu# systemctl status netplan-sriov-apply.service
○ netplan-sriov-apply.service - Apply SR-IOV configuration
     Loaded: loaded (/run/systemd/system/netplan-sriov-apply.service; 
enabled-runtime; vendor preset: enabled)
     Active: inactive (dead) since Wed 2026-04-08 11:04:13 UTC; 8min ago
    Process: 1193 ExecStartPre=udevadm control --reload (code=exited, 
status=0/SUCCESS)
    Process: 1276 ExecStartPre=udevadm trigger --action=add 
--subsystem-match=net (code=exited, status=0/SUCCESS)
    Process: 1279 ExecStartPre=udevadm settle (code=exited, status=0/SUCCESS)
    Process: 1298 ExecStart=/usr/sbin/netplan apply --sriov-only (code=exited, 
status=0/SUCCESS)
   Main PID: 1298 (code=exited, status=0/SUCCESS)
        CPU: 1.789s

Apr 08 11:03:09 romano netplan[1298]: `gateway4` has been deprecated, use 
default routes instead.
                                      See the 'Default routes' section of the 
documentation for more details.
Apr 08 11:03:09 romano netplan[1298]: Permissions for /etc/netplan/99-bond.yaml 
are too open. Netplan configuration should NOT be accessible by others.
Apr 08 11:03:09 romano netplan[1298]: `gateway4` has been deprecated, use 
default routes instead.
                                      See the 'Default routes' section of the 
documentation for more details.
Apr 08 11:03:09 romano netplan[1298]: Permissions for /etc/netplan/99-bond.yaml 
are too open. Netplan configuration should NOT be accessible by others.
Apr 08 11:04:13 romano systemd[1]: netplan-sriov-apply.service: Deactivated 
successfully.
Apr 08 11:04:13 romano systemd[1]: Finished Apply SR-IOV configuration.
Apr 08 11:04:13 romano systemd[1]: netplan-sriov-apply.service: Consumed 1.789s 
CPU time.


** Tags removed: block-proposed-jammy verification-needed-jammy
** Tags added: verification-done-jammy

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https://bugs.launchpad.net/bugs/1988018

Title:
  [SRU][mlx5] Intermittent VF-LAG activation failure

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