Netflix's 1992 ending explained: What happened to Margarita?

Spanish mini-series Netflix's 1992, created by Jorge Guerricaechevarría, premiered on December 13, 2024. The show blends crime drama with psychological suspense, focusing on a widow and an ex-cop as they investigate a string of murders linked to past corruption. The story is dark and complex, making people think about right and wrong, fairness, and revenge.

Netflix's 1992 explores themes of grief, redemption, and vengeance. Amparo, a grieving widow determined to uncover the truth behind her husband’s death, teams up with Richi, a disgraced former detective battling his own demons.

Together, they discover hidden secrets about corruption and personal grudges, which lead to the formation of Flamethrower Killer.

The series is driven by the story of Margarita, a s*x worker who was brutally killed during an Expo committee party, which sets the stage for decades of deceit and vengeance.

Many years later, Margarita’s son Victor, who saw her mother dying, became the Flamethrower Killer, to take revenge for his mother with fire, the same way her mother was killed.

Netflix's 1992: What happened on the expo ship?

The expo ship disaster in Netflix's 1992 was a major event that set the stage for a series of murders years later. The key people involved were powerful committee members, Esteban Palacios, Jose Zamorano, Roberto Valcarcel, Domingo Granjero, and Fernando Victoria.

The trouble started when Margarita, one of three s*x workers invited to a party by the Expo committee, was accidentally killed by Esteban during a violent altercation.

Worried about the consequences, the committee members asked the Expo’s security chief for help to cover up the crime. Their first move was to get rid of Margarita’s body to destroy any proof.

The security chief came up with a dangerous plan to hide her body on a ship, which they later blew up using explosives, pretending it was a terrorist attack.

The committee fabricated a detailed story about a mysterious person blackmailing the Expo. They claimed he would cause destruction unless paid millions by the government. To make the government act faster, the group planned more trouble. This included planting bombs on the ship, and later setting fire to the Expo pavilion.

The government finally agreed to the demands and gave the group a large amount of money. The group used this money to hide what they had done and paid it to the head of security to help them. But their actions had serious consequences.

Margarita’s son, Victor, was left with both physical and emotional scars. Seeing the fire and being unable to save his mother from the flames, Victor had permanent burns that reminded him of the terrible events of that night.

Netflix's 1992: What did Amparo and Richi find from their investigation?

Amparo and Richi’s investigation into the Flamethrower murders in Netflix's 1992 began with personal reasons. Amparo believed that her husband’s death wasn’t an accident and wanted to find out what actually happened.

Richi saw this as a chance to redeem himself after struggling with alcoholism and losing his reputation as a police officer. Together, they dig into the secrets behind the murders.

Their investigation led them to a crucial piece of evidence, a letter in Fernando Victoria’s mailbox from a law firm called Rivas Guridi. The letter suggested Fernando was having financial issues, making him a possible suspect. Also, since Fernando was part of the Expo committee, it connected him to Victor.

Richi remembered how Fernando used a photo of the Expo committee to control Victor. He told Victor that the committee members were responsible for his mother’s death and pushed him to get revenge.

However, Fernando’s motives were not solely to help Victor avenge his mother. As Fernando was bankrupt, he came up with a plan to extort ransom money from the committee members.

While Victor targeted each member with fiery punishments, Fernando sent threatening letters demanding money. Victor didn’t know that Fernando was making money from all this and secretly planning everything behind the scenes.

Amparo and Richi found out all these shocking truths and put together all the pieces that led to Victor’s transformation into the Flamethrower Killer. They also learned about the terrible events of the Expo ship and the role it played in covering up Margarita’s murder.

Netflix's 1992: The last kill

The climax of Netflix's 1992 centers on the last murder, Victor's fiery revenge on Esteban Palacios. Esteban was a prominent minister and one of the key members of the Expo committee.

Unlike the other committee members, Esteban tried to save himself and gave the ransom demanded by Fernando. He borrowed $3 million from his wife, hoping this payment would spare his life.

Fernando knew that Victor’s revenge was unstoppable, but since he got the ransom amount from Esteban, he warned him about the attack. Despite the warning, Victor won his quest for revenge. He sneaked into Esteban's mansion with his flamethrower to kill him.

Esteban tried to escape and save himself, but Victor caught him and burnt him alive just as he did with the other committee members. This marked the end of Victor’s revenge in Netflix's 1992, but it also left a trail of devastation and unanswered moral questions about justice and revenge.

Fans of crime drama and psychological thriller can watch 1992 on Netflix.

Edited by Prem Deshpande