Money Heist season 5 part 2 ending explained: Who lives and who dies?

It’s been a long and arduous journey for the members of Money Heist’s Dalí gang, but it has finally come to a climactic end with the release of season five part two on Netflix.

The original group initially reunited with the intention of saving young hacker Rio (Miguel Herrán), who had been abducted and brutally tortured by police, but doing so has come at a terrible price.


Since entering the Bank of Spain, they have lost two of their most beloved members – Tokyo and Nairobi – with fans anxious at the prospect of more characters losing their lives in the final five episodes.



All the while, there’s the lingering question over how exactly The Professor intends to smuggle Spain’s entire gold reserve out of the maximum security institution, which is currently being besieged by the country’s considerable military might.


If you need your answers right now, then read on for a complete explanation of the Money Heist season five part two ending, including a couple of major plot twists that you probably won’t see coming.

Money Heist season 5 part 2 ending explained: Who lives and who dies?

The opening chapters of Money Heist season five part two see some major developments, which we’re going to speed through to start off with in order to get to the truly juicy stuff.


The Professor’s hostage Alicia Sierra takes advantage of the fallout from Tokyo’s death to stage a brief escape, but ultimately enters into an uneasy alliance with her rival when it becomes clear that Colonel Tamayo will have no part in helping her rebuild her life.


(Check out our guide to the Money Heist season five part one ending for more details on how she got in such hot water.)


The team inside the Bank of Spain set about transporting the gold ingots, which they have melted into tiny pebbles, from out of the maximum security institution. They intend to do so by sending it through the sewers to an underground storm tank using an industrial sized pressure pump they stole from an offshore oil rig at an earlier time.


Unfortunately, there are enemies from within. As far as the gang is aware, Tokyo’s act of self-sacrifice killed the entire military squad that has been hounding them, with the exception of captured leader Sagasta and another seriously injured team member. But secretly, there is one more survivor – Arteche – who has been busy working away in the shadows.

Things really heat up at the end of episode eight, which presents a massive twist that will probably leave jaws on the floor.


The Professor, Sierra, Marseille, Benjamin and the rest of the outside team are working away at the aforementioned stormwater tank, turning the gold pebbles from the Bank of Spain back into ingots so they can be transported more easily.


But the police are hot on their trail, having figured out that their smuggling plan involves moving gold through the pipes underneath the bank, arriving heavily armed at the hideout to end this elaborate heist.


Not wishing to see anymore bloodshed, the Professor orders his team to surrender, with the cops cuffing them all and placing them in the back of a police van where they are then left waiting. For quite a while.


At first, they dare not act out, seeing the noise and glow of police sirens from outside the van’s obscured windows, but after a certain amount of time they realise that something isn’t quite right – sure enough, the door isn’t even locked.


They step out to find that there are no police cars at all, only a set of flashing blue lights and a speaker blaring out a siren sound effect, while the gold they had been working on is nowhere to be seen.


Then it dawns on the Professor that the people who had stormed in earlier weren’t police at all, but rival thieves who had stolen the 90 ton gold horde for themselves and scarpered to whereabouts unknown. Cue: facepalms all round.


There’s only one person it can be: Berlin’s son, Rafael, who up to now we had only seen in flashback, working in partnership with his father’s ex-wife, who had heard all about the Bank of Spain heist years earlier at the height of their romance.


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