Satisfactory end. Can't comment much without subs since it was very heavy on the dialogue, but basically they (Yuri, Kanade, Naoi, Hinata, Otonashi) held their own graduation ceremony (including practice sessions), and in the end everyone essentially passes on. Also, they actually reversed the ED this time.
Oh, and I don't really want to spoil the ep, so just have this one shot and the ED pic:
