Switched-mode power supply for balancing a plurality of intermediate circuit voltages (UC1, UC2) which can each be present at a respective intermediate circuit capacitor (C1, C2) of a respective intermediate circuit between a respective input terminal pair (A1, B1, A2, B2) of the switched-mode power supply, wherein the switched-mode power supply is designed to output a DC output voltage (Ua) at an output capacitor (Ca) of the switched-mode power supply connected between a first output terminal and a second output terminal of the switched-mode power supply, characterized in that for each input terminal pair (A1, B1, A2, B2) exhibiting an intermediate circuit voltage (UC1, UC2), the switched-mode power supply comprises a circuit part (SNT1, SNT2) each having a transformer (T1, T2), which transformers (T1, T2) between the different circuit parts (SNT1, SNT2) are not inductively coupled to one another, and wherein the input terminal pairs (A1, B1, A2, B2) of the circuit parts (SNT1, SNT2) are each connectable to the intermediate circuit capacitor (C1, C2) which provides the intermediate circuit voltage (UC1, UC2) and exhibits the intermediate circuit voltage (UC1, UC2), and the circuit parts (SNT1, SNT2) are designed to transfer energy (E1, E2) via the input terminal pairs (A1, B1, A2, B2) to a primary winding (L11, L21) of the associated transformer (T1, T2) and vice versa, in that secondary windings (L12, L22) of the transformers (T1, T2) are each connected to the output capacitor (Ca), in that, in each case, a first terminal connection of the secondary windings (L12, L22) of the transformers (T1, T2) is connected to the second output terminal via a balancing switch (SS1, SS2), in that, in each case, a second terminal connection of the secondary windings (L12, L22) of the transformers (T1, T2) is connected to the first output terminal, in that, in each case, in the circuit parts (SNT1, SNT2) the primary winding (L11, L21) of the associated transformer (T1, T2) is connected in parallel to an associated diode (D1, D2), wherein the diodes (D1, D2) are each connected in series to an associated switch (S1, S2) between the associated input terminal pair (A1, B1), in that, in each circuit part (SNT 1, SNT2), a corresponding energy annihilation circuit is connected in series to the diodes (D1, D2) in order to annihilate residual energy stored in a stray inductance of the associated transformer and in that a control unit is provided which is designed to control the balancing switches (SS1, SS2) and the switches (S1, S2) in successive switching phases (P1, P2, P3, P4) and to open both the switches (S1, S2) and the balancing switches (SS1, SS2) in a first switching phase, to close the switches (S1, S2) and to open the balancing switches (SS1, SS2) in a second switching phase following the first switching phase, to open both the switches (S1, S2) and the balancing switches (SS1, SS2) in a third switching phase following the second switching phase, and to open the switches (S1, S2) and to close the balancing switches (SS1, SS2) in a fourth switching phase following the third switching phase in order to transfer energy (E1, E2) from an input terminal pair (A1, B1, A2, B2) having an intermediate circuit voltage via the associated transformer (T1, T2) to the output capacitance (Ca) and from the output capacitance (Ca) to at least one input terminal pair (A1, B1, A2, B2) having a lower intermediate circuit voltage.