The Buccaneers Season 2 Ending Explained: Nan, Guy, Theo, and Lizzy’s Complicated Love Quadrangle — And How It Sets Up the Future

Apple TV+’s The Buccaneers returned on June 18, 2025, for its dramatic eight-episode second season. Based on Edith Wharton’s unfinished novel, the series delivered high-stakes romance, betrayal, and power struggles wrapped in lavish period drama. Season 2 began with the high-profile marriage of American socialite Nan St. George (Kristine Frøseth) to Theo, the Duke of Tintagel (Guy Remmers), and ended with an unexpected abdication that changes everything.

The finale, titled “She Knows”, ties together multiple secrets and heartbreaks while opening the door for even more drama in a potential Season 3. Here’s a detailed breakdown of what happened, what it means for the Nan-Guy-Theo-Lizzy love quadrangle, and how the ending sets the stage for the future.

Theo Abdicates His Title in a Shocking Twist

Throughout the season, Nan and Theo’s marriage was marred by mistrust and emotional distance. The root of their tension? Theo discovered that Nan had slept with his best friend, Guy Thwarte (Matthew Broome), on the eve of their wedding. Adding to the complexity, Nan admitted she married Theo largely to help her sister Jinny (Imogen Waterhouse) escape her abusive husband.

In the finale’s masquerade ball scene at Tintagel Castle, Nan confronts both Theo and her close friend Lizzy Elmsworth (Aubri Ibrag), revealing she knows about their secret romantic involvement. Lizzy, wracked with guilt, even calls off her engagement to Hector (Jacob Ifan) because of her feelings for Theo.

Just when Nan is about to make a public announcement about her pregnancy — confirming that Theo is the father — Theo interrupts. In front of the assembled guests, he announces he is abdicating his dukedom so he can be with Lizzy. He frames it as an act of liberation: with him no longer Duke, Nan and Guy can pursue each other freely. Unfortunately for Theo, he doesn’t know Guy has secretly married someone else.

The Dowager Duchess Has a Backup Plan

The abdication shocks not only the guests but also Theo’s formidable mother, the Dowager Duchess of Tintagel (Amelia Bullmore). Obsessed with preserving the family’s noble status, she refuses to let the Tintagel legacy vanish. Her solution is to summon Kit, Theo’s half-brother and the illegitimate son of her late husband, to take over the dukedom.

Kit is introduced as a mysterious and potentially dangerous figure — the Dowager even calls him “trouble.” The season’s final moments feature Kit on horseback, riding toward Tintagel Castle, signaling a major power shift to come. His presence is set to disrupt alliances, deepen rivalries, and create fresh romantic entanglements.

What This Means for the Nan-Guy-Theo-Lizzy Love Quadrangle

Theo’s abdication was meant as a gesture of freedom for Nan and Guy, but it backfires. Guy has already drunkenly married Paloma (Grace Ambrose) during a trip to Italy — a fact Nan knows but hasn’t revealed to Theo.

Nan feels betrayed by Guy, Lizzy, and Theo, leaving her emotionally isolated as she faces an uncertain future raising her child. Lizzy, for her part, claims she had no idea Theo would abdicate and thought Nan was going to expose their affair instead.

The finale leaves every relationship fractured:

• Nan & Guy — Their romance is over before it can restart.
• Theo & Lizzy — A possible pairing, but complicated by public scandal.
• Nan & Theo — Forever linked by their unborn child, despite broken trust.
• The Dowager & Kit — Poised to reshape Tintagel’s power structure.

Season 3 Possibilities and Unanswered Questions

Although Apple TV+ has not officially renewed The Buccaneers for Season 3, the finale sets up multiple storylines:

• How will Kit’s arrival reshape Tintagel politics and family loyalties?
• Will Nan reconcile with Theo or find independence outside the love quadrangle?
• Can Lizzy and Theo survive public backlash?
• Will Guy’s marriage to Paloma last, or will his past with Nan resurface?

If renewed, Season 3 could expand into even more complex romantic and political entanglements, staying true to the series’ mix of period drama and modern emotional depth.

The Buccaneers Season 2 finale delivers betrayal, romance, and an unexpected shake-up in aristocratic power. It’s a fittingly messy and emotionally charged ending that leaves viewers eager for more — if Apple TV+ decides to greenlight another season.

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