'penultimate' originates from Latin, specifically the word 'paenultimus,' where 'paene' meant 'almost' and 'ultimus' meant 'last.'

'paenultimus' transformed into the English word 'penultimate,' and eventually became part of the compound term 'penultimate-year.'

Initially, 'penultimate' meant 'almost last,' and this meaning has largely remained the same in modern usage.