Sat Sep 12, 2026 | Updated 05:50 AM IST

Berlin And The Lady With An Ermine Ending Explained: What Happened In The Final Heist Of This Money Heist Spin-Off

Discover what happens in the season finale for this ‘Money Heist’ spin-off with this ‘Berlin And The Lady With An Ermine’ ending explained. Read ahead to find out whether the final heist was a success and whether we will get to see a new season or not. 
Updated:- 2026-05-27, 11:36 IST
Berlin And The Lady With An Ermine Ending Explained

Berlin And The Lady With An Ermine Ending Explained: Your favourite character, Pedro Alonso, aka Berlin, is on a brand new adventure. In  ‘Berlin And The Lady With An Ermine’, you will get to see him back as the charismatic, morally complicated thief we cannot get enough of. In this ‘Money Heist’ spin-off series, you will get to see the plot revolve around a da Vinci painting, a vengeful duke, and a heartbreaking goodbye along for the ride. ‘Berlin and the Lady with an Ermine’ has been created by Money Heist's Álex Pina and his Sky Rojo collaborator Esther Martínez Lobato. Get ready to follow Berlin long before he takes the Royal Mint of Spain hostage, and it is set in sun-drenched Seville this time around. This season is bigger, darker, and far more emotionally gutting than the Paris chapter we saw earlier. Let’s dive in to find out the ‘Berlin And The Lady With An Ermine’ ending explained here to see how the Seville chapter ended. Also, note that this article contains major spoilers for this series!

Berlin And The Lady With An Ermine Ending Explained: What Happened In The Final Heist Of This Season

Throughout the entire season, fans look forward to seeing the final showdown of this season, and it doesn’t disappoint at all. The finale sees Berlin and his gang pull off not one but two huge heists simultaneously, leaving the Duke of Málaga, Alvaro Hermoso de Medina, with almost nothing to his name. 

The first job is the one Alvaro had actually hired Berlin and his crew for. He wanted them to steal Leonardo da Vinci's painting ‘Lady with an Ermine’ in Seville, but that is merely the decoy. We get to know that the real prize is Alvaro's underground safe, from which the gang escapes with 75 million dollars. This was all made possible by Berlin's greatest con of convincing Alvaro to be far away from his chambers on the night of the theft to avoid leaving a trace behind. 

Alvaro's vault was rigged with a ring of fire that ignites when anyone enters undetected. Roi and Bruce are tasked with holding out at the centre of the flames until the oxygen supply cuts out. Bruce is the one who endures the longest, allowing Damian and the rest of the crew to escape with every last bit of cash in the safe. 

Berlin And The Lady With An Ermine

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Why Does Berlin Return All The Paintings To The Museums?

After stealing Alvaro's entire secret collection of some of the world's most valuable lost and stolen artworks, Berlin does something nobody expects: he has every painting quietly dispatched back to the museums they were originally stolen from, including Caravaggio's The Nativity with Saint Francis and Saint Lawrence, in what becomes a joyful montage of museum curators celebrating their return. This is the moment that truly defined Berlin's complicated character. 

It is a surprisingly selfless move, but one that makes complete sense for Berlin. He never planned on stealing the paintings in the first place, and keeping them would risk putting himon the same level as Alvaro, which he did not want. 

As for the Lady with an Ermine itself, its fate is particularly poetic. The show closes with a real-life flashcard noting that the actual Lady with an Ermine was sold to the Polish Government in 2016 for 100 million euros, giving the whole storyline an ironic, satisfying real-world wink. 

Berlin And Lady With An Ermine

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What Happens To Cameron In Berlin And The Lady With An Ermine?

Sadly, not everything ends in celebration this season. Cameron is found dead, her body washed up on the shore, with authorities ruling it a diving accident, but that was not how she died. Cameron was pushed overboard from a yacht after being identified as a thief. Given the chance to save herself by betraying her crew, she refuses, choosing loyalty over survival. 

In her final moments, she leaves Roi a voice message confessing that he is the love of her life, and that staying away from him only made her realise how deeply she loves him, a truth she had been too guilty to say out loud until it was too late. It is the most devastating scene of the season, full stop. 

Cameron and Rio In Berlin And the Lady With an Ermine

Will There Be A New Berlin Series? 

From ‘Berlin and the Jewels of Paris’ to ‘Berlin And The Lady With an Ermine’, fans have loved seeing these shows from the ‘Money Heist’ universe. Currently, there is no confirmation for a new show which will continue Berlin’s crazy heisting journeys. 

Berlin And The Lady With An Ermine

We hope to see more series from the ‘Money Heist’ series soon. Till then, head to Netflix and binge-watch ‘Berlin And The Lady With An Ermine’!

Image Credit: IMDb, X (formerly Twitter)

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