A smoking article (2) comprises: a combustible heat source (4) having opposed front (6) and rear (8) faces an aerosol forming substrate (10) downstream of the rear face (8) of the combustible heat source (4) a first heat conducting element (36) circumscribing a rear portion (4b) of the combustible heat source (4) and at least a front portion (10a) of the aerosol forming substrate (10) a second heat conducting element (38) around at least a portion of the first heat conducting element (36) wherein at least part of the second heat conducting element (38) is radially separated from the first heat conducting element (36) and one or more first air inlets (40) around the periphery of the aerosol forming substrate (10).
