LibreOffice still supports PowerPoint 95 format (I've tried it on my PC) so you can use it for this purpose
soffice --headless --convert-to pptx powerpoint95.ppt
The output format can have an optional filter when there are multiple versions. For example to convert from PPT95 to PPT97 use
soffice --headless --convert-to ppt:"MS PowerPoint 97" powerpoint95.ppt
The filter for PowerPoint 95 is "PowerPoint 3" as per the above documentation
In some versions you need to use libreoffice instead of soffice. And sometimes you need to move --headless to after --convert-to although in other cases you can omit it. I believe you can do the same with OpenOffice
You can also use unoconv since it can convert "between any document format supported by LibreOffice/OpenOffice"
unoconv -f pptx powerpoint95.ppt
See also this question or this blog in case you want to do mass conversion