A multilevel DC-DC converter includes a voltage source that provides a voltage Vout1 to at least one charge converter circuit and an output filter capacitor having an associated output voltage Vout2. The at least one charge converter circuit includes a transformer having at least one primary winding and at least two secondary windings, a primary and secondary circuit each having at least two switching elements, and a control unit which receives a control signal, such as but not limited to an envelope tracking signal, which represents a desired output voltage. The control unit is arranged to provide output control signals to the respective switching elements of the primary and secondary circuits to activate and deactivate the respective switching elements to obtain a desired output voltage Vout2. The multilevel DC-DC converter can be arranged to operate as a boost converter or as a buck-boost converter.