In the ending of El Conde, the satire layers don a bizarre yet thought-provoking picture of Augusto Pinochet’s supernatural afterlife. As the story approaches its climax, Carmencita, the exorcist, attempts to rid Augusto of his vampiric curse, believing that doing so will allow him to finally die peacefully. Throughout the film, Augusto’s relationships reveal his lingering influence—particularly his obsession with Carmencita, who he desires romantically, while his children and followers are depicted as greedy and morally corrupt, living off his legacy. When Carmencita starts the exorcism, Augusto’s true nature as a vampire comes to the surface, and he quickly turns her into a vampire herself, symbolizing how even those fighting against evil can be seduced by it.
The story then twists into a surreal reimagining, where Margaret Thatcher is revealed as Augusto’s vampire mother—a satirical jab on political allegiances and historical figures. As Augusto’s children plot to kill Carmencita, Fyodor, the vampire butler, finally bites Lucia—their shared former servant—and she becomes a vampire as well, aligning herself with Augusto’s dark world. Meanwhile, Augusto and Margaret drink vampire blood to regain youthful strength, turning back into younger versions of themselves and immersing in their insidious legacy. Augusto’s transformation into a teenage boy and his return to violence—once again targeting leftists in a school—suggests a cyclical return of fascism and violence, warning that these forces can resurface if they are not confronted.
In the final moments, Augusto kills Lucia and Fyodor, eliminating those who might threaten his power or betray him. Carmencita, having failed to exorcise the vampire, is killed by the family, symbolizing how the corrupting influence of fascism and greed ultimately crush those who oppose it. The film concludes with Augusto and Margaret turning into younger vampires and attempting to re-enter the political arena, subtly hinting that the cycle of tyranny and repression is never truly over. Overall, El Conde uses supernatural satire and absurd humor to critique the legacy of dictatorship, the cyclical nature of fascism, and how history’s darkest figures can persist in new forms if we do not actively resist them. It’s a surreal, darkly humorous reflection on power, corruption, and the enduring shadow of authoritarianism.