A DC-DC converter comprises at least a first and a second inductive element. Each inductive element comprises a transformer (312, 322), input terminals (314, 324, 315, 325) and output terminals (316, 326, 317, 327). A switching circuit (2) is arranged to supply a first alternating voltage to input terminals (314, 315) of the first inductive element, and a second alternating voltage to input terminals of the second inductive element (31, 32). A rectification circuit (4) is arranged to rectify a first and a second output voltage arising at output terminals (316, 317) of the first and second inductive elements (31, 32), respectively. One of the output terminals of the first inductive element (31) is capacitively coupled to one of the output terminals of the second inductive element (32).