** Jefferies says U.S. slot survey shows grossed net installs for poker machine company Aristocrat Leisure ALL.AX were +1,700 over 1H26

** Notes survey typically underestimates by around 30%, thus providing more confidence for co's 4k-5k net unit install guidance

** Jefferies says rival Light & Wonder's LNW.AX net installs were heavily impacted by video lottery terminal (VLT) transition

** Brokerage says new-to-market (NTM) sales share, or percentage of sales generated by newly installed machines or games, shows both cos are expected to hold their positions in near term

** Jefferies says brokerage in line with consensus for Aristocrat's 1H26 results; continues to see challenges in co's iGaming ramp-up, although land-based gaming is set up for strong 2H

** Jefferies adds Light & Wonder's forward share looks strong and should support its FY26 operating earnings guide, although leverage remaining elevated could be overhang until at least 1H27

** YTD, ALL and LNW's ASX-listed shares down 19.5% and 27.2%, respectively, as of last close