1992

Victor discovers that Victoria was the true mastermind behind the revenge killings, he had orchestrated the entire plot to cover up his own involvement in the original crimes, including Marga's murder. Victoria had originally used hidden cameras and ransom notes to blackmail the sex workers after Marga's death, but when that scheme failed, he faked his own death and fled with the money. When Victor uncovers evidence proving Victoria's presence at the scene of Marga's murder, he seeks justice by confronting and killing Victoria with the same flames he used as the Curro Killer.

Victor likely dies at the end. After killing Victoria, Victor's allies Amparo and Richi track down Victoria's fleeing train. When Victor's flamethrower tank begins leaking, Amparo shoots him, possibly killing him. The film leaves his exact fate somewhat ambiguous, but the implication is that Victor succumbs to his wounds or the shooting, since the story concludes without confirming his survival.

Victoria orchestrates the entire revenge plot, using Victor as his instrument. Marga's murder, Victoria sees an opportunity to After blackmail the other sex workers using hidden cameras and ransom notes to extort money for his own business. When this scheme fails, he fakes his death and leaves Spain with the money, thinking he's escaped justice. Victor becomes the Curro Killer, carrying out what Victoria set in motion, killing those Victoria wanted silenced, all while Victoria remains hidden and controls events from the shadows.

Victor uses flames as his method as the Curro Killer, and this same weapon becomes his tool for killing Victoria. The fire represents both his identity as the killer and the means by which he enacts his version of justice. When he confronts Victoria, he turns Victoria to ashes with the flames, creating a poetic ending where the instrument of Victoria's own machinations becomes the method of his destruction.

In the ending, authorities discover Marga's body and convict those responsible for her murder. While the specific convictions aren't detailed, the story concludes with the truth about Marga's death finally coming to light. Her memory remains as a tragic reminder of the darkness that festered behind the Seville Expo, and some measure of legal justice is achieved even though Victoria, the true mastermind, has already been killed by Victor.

Both Richi and Amparo move on with their lives after the events conclude. Richi finds sobriety, suggesting he overcomes his past struggles. Amparo decides to pursue law, indicating she channeled her experiences into seeking justice through legal means rather than vigilantism. Both characters represent those who survive and try to build meaningful lives despite the trauma they experienced.

The ending emphasizes that revenge can be both righteous and destructive. Victor's quest for justice exposes Victoria's crimes and brings closure to Marga's murder, but it doesn't bring Victor peace. He destroys Victoria but potentially loses his own life in the process. The bittersweet conclusion leaves viewers with mixed feelings, some justice is achieved, yet it comes at tremendous personal cost, suggesting that while revenge may serve justice, it often consumes those who pursue it.

The ending presents a nuanced view of justice. Legal justice is partially served, Marga's body is found and those responsible are convicted. However, Victoria dies at Victor's hands rather than facing trial, and Victor himself may die from Ampato's shot. The story suggests some justice is achieved, but the pain of the past lingers. The film leaves lingering questions about whether true justice can ever be fully realized when vengeance becomes the means of achieving it.