A muffler having an inlet and an outlet, through which exhaust gas flows; a tubular main body; a heat exchanger inside the main body; a noise-deadening first conduit, which extends at least partly inside the main body, from a fork region located directly downstream from the inlet, to a converging region directly upstream from the outlet; a second conduit, which extends through the heat exchanger and at least partly inside the main body, from the fork region to the converging region and parallel to the first conduit; and a regulating valve located outside the main body, to selectively direct exhaust gas flow along the first conduit or the second conduit.