Full spoilers follow.
The premise is disclosed early rather than withheld: Irene Kelly's daughter Anna was murdered by Neville, a restaurant cook, and Irene uses a universe-hopping machine to locate and kill Neville's counterparts across parallel worlds. The film is not structured as a mystery about who or how; it is structured as an escalating study of what serial vengeance does to the avenger.
The real turn is behavioral. As the kills accumulate, Irene becomes addicted to the cycle — the satisfaction thins with each repetition, and she keeps going anyway, her humanity visibly draining. She is, by the midpoint, functionally indistinguishable from the thing she hunts: a person who travels to unfamiliar towns to kill a stranger.
The pivot arrives when Irene enters a universe intending another execution and instead finds Mia, a teenage girl tied up in Neville's home — a would-be victim, caught at the exact stage Anna never survived. Irene rescues her, and Mia effectively becomes a second daughter. But Mia is not a passive rescue: she is fierce, resourceful and eager to follow Irene into the multiverse of vengeance, which is precisely the horror. Irene is confronted with her own logic spoken back to her by a child.
That recognition is the resolution. Seeing someone else hungry to inherit her cycle, Irene concludes that perpetuating it is not worth it. The ending's meaning depends on reading Mia correctly: she is simultaneously Irene's salvation (a living person to protect, which is the only thing that ever interrupted the loop) and the film's warning (proof that the appetite outlives any individual who carries it). The retroactive clarification is that Irene was never hunting Neville at all — an infinitely replaceable target cannot be hunted — she was trying to keep being Anna's mother, and the only version of that available to her is mothering someone who is still alive.