Heat-exchange and noise-reduction panel for a propulsion assembly, in particular for an aircraft, the panel comprising: a perforated plate comprising a plurality of through-openings; a cellular structure comprising longitudinally oriented structural walls covered by said perforated plate and comprising, between said walls, cavities that define Helmholtz resonators, said through-openings forming necks of said resonators; and means for the circulation of fluid, for example oil, at said perforated plate, wherein said fluid circulation means comprise channels that are formed at least in part in thickened ends of said walls on the same side as said perforated plate, and/or at least in part in regions of the perforated plate situated in the longitudinal extension of said thickened ends.