Variability in upwelling events may lead to periods of constrained food availability in the northern Benguela upwelling system (NBUS), thereby affecting the physiological state and metabolic activity of euphausiids. Most attention has so far been paid to seasonal effects but little is known about regional variability. Metabolic activity (expressed by respiration and excretion rates) and physiological state (expressed by reproductive effort and moult activity) in Euphausia hanseni were examined at different stations during austral summer (minimum upwelling) and austral winter (maximum upwelling). Overall, regional differences in physiological state, influencing metabolic activity, were greater than seasonal ones, indicating favourable conditions for growth and reproduction year-round. Higher respiration rates were found for females in more advanced stages of sexual development. Moult stage did not affect oxygen consumption rates, however. The physiological state of E. hanseni at the time of capture may serve as a meaningful indicator of the associated hydrographic conditions in the NBUS, to be further used in eco-system analysis on seasonal or long-term time scales. A latitudinal comparison of species highlights the extraordinary physiological plasticity of euphausiids.