Cook the bacon: In a large pot, cook bacon over medium heat until crispy. Remove bacon and set aside.

Sauté the aromatics: Add diced onion and garlic to the bacon fat. Sauté until softened, about 5 minutes.

Prepare the pumpkin puree: In a small saucepan, heat chicken broth over medium-low heat until just barely simmering. Whisk in pumpkin puree and keep warm.

Toast the rice: Stir in arborio rice, thyme bunch, salt, and pepper. Toast for 1 minute.

Add wine: Gradually add white wine and let it cook down for a few minutes.

Add liquids: One ladle at a time, add water and pumpkin liquid to the risotto, stirring constantly, until each ladleful is absorbed before adding the next. This may take around 15-20 mins.

Finish and serve: After removing the thyme sprigs, stir in the butter, honey, and Parmesan cheese. Once the ingredients are melted and combined, serve the risotto immediately. Top with crispy bacon, Parmesan, and black pepper for a delicious finishing touch.