Entanglement is an indispensable quantum resource for quantum information technology. In continuous-variable quantum optics, photon subtraction can increase the entanglement between Gaussian states of light, but for mixed states the extent of this entanglement increase is poorly understood. In this work, we use an entanglement measure based the R\'enyi-2 entropy to prove that single-photon subtraction increases bipartite entanglement by no more than log2. This value coincides with the maximal amount of bipartite entanglement that can be achieved with one photon.