Abstract: A buck regulator provides two outputs via two transformer-coupled inductors each coupled to a respective output capacitor and to a respective diode or switch for allowing current to flow in the respective inductor for charging the respective output capacitor during intervals between pulses of a pulsed input supply. One of the inductors is directly coupled and the other of the inductors is coupled via a further capacitor to the pulsed input supply so that current for charging the respective output capacitors flows in both inductors during the pulses. Each inductor can be tapped, and/or the transformer turns of the inductors are equalized, so that no a.c. voltage appears across the further capacitor and the output voltages can be different. The output voltages can also be stacked or of opposite polarities.