Subwavelength resonant elements are essential building blocks of metamaterials and metasurfaces, which have revolutionized photonics. Despite similarities between different wave phenomena, other types of interactions can make subwavelength coupling significantly distinct; its investigation in their context is therefore of interest both from the physics and applications perspective. In this work, we demonstrate a fully magnonic Gires–Tournois interferometer based on a subwavelength resonator made of a narrow ferromagnetic stripe lying above the edge of a ferromagnetic film. The bilayer formed by the stripe and the film underneath supports two propagative spin-wave modes, one strongly coupled with spin waves propagating in the rest of the film and another almost completely reflected at the ends of the bilayer. When the Fabry–Perot resonance conditions for this mode are satisfied, the weak coupling between both modes is sufficient to achieve high sensitivity of the phase of waves reflected from the resonator to the stripe width and, more interestingly, also to the stripe-film separation. Such spin-wave phase manipulation capabilities are a prerequisite for the design of spin-wave metasurfaces and may stimulate development of magnonic logic devices and sensors detecting magnetic nanoparticles.