Preheat oven to 400°F (200°C). Toss cubed butternut squash with olive oil, salt, pepper, and smoked paprika if using.

Spread squash on a baking sheet and roast 25–30 minutes until caramelized and tender. Remove and set aside; mash half into a purée and leave the rest as cubes.

Warm the vegetable broth in a saucepan and keep it over low heat.

In a large skillet, heat 1 tbsp olive oil and 2 tbsp butter over medium heat. Add chopped onion and cook until translucent, about 5 minutes.

Stir in minced garlic and cook 1 minute more until fragrant.

Add Arborio rice to the pan and toast for 1–2 minutes, stirring to coat each grain with fat.

Pour in the white wine, if using, and stir until it is mostly absorbed.

Begin adding warm broth one ladle at a time, stirring gently and allowing the rice to absorb most of the liquid before adding more. Continue this process for 18–22 minutes until rice is al dente and the mixture is creamy.

Stir in the mashed squash purée and the roasted squash cubes. Cook 1–2 minutes to combine and heat through.

Turn off the heat. Add remaining butter and grated Parmesan; stir vigorously to create a glossy, creamy finish. Season with nutmeg, salt, and pepper to taste.

Serve immediately, garnished with fresh sage or thyme and extra Parmesan if desired.