No problem!
Each torque is a source of power loss. The 4.8 Nm torque due to the wood will give a power loss of 2600x(2pi/60)x(4.8), which is the power devoted to actually cutting the wood. The 1.2 Nm torque due to internal friction will give a power loss of 2600x(2pi/60)x(1.2), which is the power lost to that friction. Maybe that energy causes the motor to heat up or make noise.
The total power that is expended by the motor in cutting and friction is the sum of these, 2600x(2pi/60)x(4.8) + 2600x(2pi/60)x(1.2). You can arrive at this number by adding the torques in advance, 2600x(2pi/60)x(4.8+1.2). It's the same number.
Due to conservation of energy, that is the amount of power that the motor will draw from the plug socket.