A compound engine assembly including a common air conduit having an inlet in fluid communication with ambient air, a compressor, at least one internal combustion engine having an inlet in fluid communication with an outlet of the compressor, a turbine section having an inlet in fluid communication with an outlet of the at least one internal combustion engine, the turbine section configured to compound power with the at least one internal combustion engine, and at least one heat exchanger in fluid communication with the common air conduit, each of the at least one heat exchanger configured to circulate a fluid of the engine assembly in heat exchange relationship with an airflow from the common air conduit circulating therethrough. The compressor has an inlet in fluid communication with the common air conduit upstream of the at least one heat exchanger. The internal combustion engine may be a reciprocating engine.