Abstract: Pressure regulator for the first stage of two-stage aqualungs, comprising a high-pressure gas inlet, a high-pressure chamber communicating with this inlet, an intermediate-pressure chamber and a reducing valve interposed between said high-pressure chamber and said intermediate-pressure chamber. Said intermediate-pressure chamber and optionally also said high-pressure chamber are provided with a plurality of outlets. The high-pressure chamber, the reducing valve and the intermediate-pressure chamber are assembled in a cylindrical body.