Confirmed it’s the second one per Hamaguchi’s interview.
One ending. Multiple interpretations (scenes unlock and alter the story) depending on your choices.
Porcelain Rosa
Nomura said something to the effect of "Players will each come to their own terms with the ending." I'm paraphrasing, but I feel like that's a hint to the idea of multiple endings, or variation / optional / unlockable scenes, playing a role in how players perceive the ending. (2/2)