A machine (1) for making and dispensing cold or ice beverages, such as cool drinks, slushes, sorbets and the like, comprising at least: - a containment and processing tank (2) for the product to be dispensed which has a front wall (3), which is equipped at the bottom of it with a dispensing mouth (5) for dispensing the beverage, - a dispenser (4), located at the beverage dispensing mouth (5) and able to be turned on or off to allow the beverage to be dispensed； - a thermal treatment cylinder (8) located inside the containment tank (2)； - a stirrer (12) located outside an outer surface of said thermal treatment cylinder (8) and adapted to rotate about a respective axis of rotation (X1)； - a refrigerating plant (10) comprising a first exchanger (6), a second heat exchanger (7), a pressure reducing unit (16) and a compressor (11), the first heat exchanger (6) being located inside said thermal treatment cylinder (8), - a containment compartment (13) for the second heat exchanger (7), a pressure reducing unit and a compressor (11).
