Last or final in a series, or most recent in time
Encoding Strategies:
linguistic

ultimate
final / furthest
+
-o
adjective suffix
Último means last and is a cognate of the English word ultimate0 — both come from the same root meaning the furthest point, the final one in a series.
último
last, final
The last item at the end of a sequence or series.
- Fue el último en llegar a la fiesta = He was the last one to arrive at the party
- Este es el último capítulo del libro = This is the final chapter of the book
latest, last (most recent)
The most recent occurrence — the last one so far in time.
- Su última película fue un gran éxito = His latest film was a huge success
- ¿Cuándo fue la última vez que la viste? = When was the last time you saw her?
por último
finally, lastly
Used to introduce the last point in a list or sequence, just like English "lastly" or "finally."
- Por último, quiero agradecer a todos los presentes = Finally, I want to thank everyone present