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The “eternal” calendar variant does account for the leap year exceptions -
https://www.iwc.com/gb/en/watch-collections/portugieser/iw505701-portugieser-eternal-calendar.html
So the year indication is doing something over and above a leap year indication, in this case at least.
Regal
smithchild
CheBeef
Only Casio kids will be correct on 1st March 2100 though