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 fiestaHe was the last one to arrive at the party
Este es el último capítulo del libroThis 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 éxitoHis 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 presentesFinally, I want to thank everyone present