In a heavy-bottomed pan over medium heat, melt butter with olive oil, then stir in onion and garlic until translucent and fragrant, about 5 minutes.

Add Arborio rice, stirring constantly to coat each grain until edges look translucent, about 2 minutes. Pour in white wine, letting it bubble and absorb fully.

Reduce heat to medium-low. Ladle in ½ cup of hot broth, stirring until almost absorbed. Continue adding broth in ½-cup increments, stirring often, until rice is tender but slightly firm, about 18–20 minutes.

Stir in pumpkin puree, mixing until risotto turns creamy and vibrant orange, about 2 minutes. Adjust consistency with a splash of broth if needed.

Remove pan from heat and fold in grated Parmesan cheese until melted and silky. Season with salt and freshly cracked black pepper to taste.

Let risotto rest off heat for 2 minutes to thicken slightly. Spoon into warmed bowls, topping each serving with extra Parmesan and fresh sage leaves.