Peppermint Frappé ending explained

What happens

Julián kills Elena, and Ana, now remade to look like her, takes her place as Pablo's wife. Life in the town carries on as if nothing has happened, but it now rests on a murder and a false identity.

The last image

Ana, dressed and made up as Elena, stands in the place of the woman Julián destroyed, and the town's order closes over the substitution.

Two readings

1 · Julián's hollow victoryHe has swapped one woman for the other, but nothing suggests he has gained what he wanted.

2 · Fantasy, not factThe film's fantasies and gaps mean the killing may be partly imagined, and the film never settles it.

What it says

The ending shows a society surviving by burying the truth. Julián's control over Ana mirrors a stifled world where appearances outweigh honesty. Saura leaves the cost visible while the surface stays calm, which is his indirect comment on life under Franco.