A multi-output power conversion circuit employing phase-shift control, receiving at the input a DC voltage and supplying at the output a plurality of modulatable DC voltages, the circuit comprises a transformer having an input and a plurality of outputs, the input being connected to an inverter including at least two switches and configured to convert a DC voltage into an AC voltage and each output being connected to a controlled rectifier configured to convert an AC voltage into a DC voltage, each controlled rectifier including a magnetic storage inductance connected to an AC to DC converter including at least two switches, the power conversion circuit further including a control module configured to generate phase-shifted control signals adapted to control the switching of the switches of the inverter and the controlled rectifiers.