The ending is left intentionally ambiguous, allowing for different interpretations. Here's what we know:
* Pan is wounded: During the final confrontation, Pan is shot by the fascist captain. He collapses and appears to be fatally wounded.
* Ofelia's journey: Ofelia, through her journey in the labyrinth, has earned her passage to the underworld. This suggests that she might be joining Pan in the afterlife.
* The final scene: As Ofelia walks through the portal into the underworld, Pan is not seen. This leads to the possibility of him being dead or simply not shown.
Interpretations:
* Pan's death: Some viewers believe that Pan died from his wounds and Ofelia is joining him in the underworld.
* Pan's survival: Others argue that Pan might have survived and is waiting for Ofelia in the underworld, or that he is simply a being of the labyrinth and his physical form is not as important.
* Symbolic meaning: The ambiguity of Pan's fate is likely intentional, representing the power of imagination and the blurring of reality and fantasy.
Ultimately, the meaning of the ending is up to the viewer to decide. The film leaves a powerful question unanswered: did Pan die, or did he live on in the realm of dreams and imagination?