A DC—DC converter with an inductor (L) and a switch (S1, S2) comprises an averaging circuit (2) which generates an average correction signal (ACS) representative for the difference of the peak current (IPEAK) and the actual average current (IAVE) through the inductor (L). A controller (2, 3, 4) controls the output voltage (VOUT) of the DC—DC converter based on regulating the duty-cycle of the switch (S1, S2) dependent on a sense signal (SES) passing a reference current level (RPCS), as in prior art peak current or valley current controlled DC—DC converters, but now using a reference current level (RPCS) that is also based on the average correction signal (ACS) and not only on the output voltage (VOUT). This enables the converter to control the output voltage (VOUT) more precisely.