A machine (1) for making and dispensing cold or iced products comprises at least: - an element (2) for containing the product to be dispensed and equipped with a mouth (4) for dispensing the food product； - a dispenser (5) located at the mouth (4) for dispensing the food product and able to be turned on or off to allow the food product to be dispensed； - a thermal treatment cylinder (6)； - a stirrer (8), coaxial with the thermal treatment cylinder (6) and adapted to rotate about a respective axis of rotation (X)； - a refrigeration system (20) in which a refrigerant fluid circulates and comprising an evaporator (205) associated with the thermal treatment cylinder (6), a condenser (202), a pressure reducing element (203) and a compressor (201)； characterized in that the evaporator (205) comprises a first tubular member (301) and a second tubular member (302) extending along an axial direction parallel to the axis of rotation X, the second tubular member (302) being inserted inside the first tubular member (301) to define an annular chamber (303) extending uninterruptedly.
